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Industry News

Dozen indicted in Illinois real estate loan fraud

June 14, 2005

HUD fraud alleged

Inman News

An Illinois grand jury indicted 12 people in connection with an alleged mortgage scheme involving 48 properties in the Freeport, Ill., area, media reports said today.

The indictment alleges that between Jan. 21, 2000, and Oct. 15, 2003, the defendants conspired to defraud the Department of Housing and Urban Development by obtaining FHA-insured mortgages based on false information and documents, reports said.

The indictment named Douglas Hastings, 39, of Lena, Ill., owner of several businesses including Stagecoach Trail Realty & Auction, and 11 others, according to reports.

Hastings and his wife were in the business of buying and selling residential properties in Freeport, Ill., reports said. They are alleged to have been in cahoots with individuals who were in the business of rehabilitating and selling residential properties in Freeport, Ill., as R&J Renovations, reports said.

Hastings and his wife allegedly bought a number of inexpensive houses in Freeport, Ill., and elsewhere, reports said. Their alleged henchmen would have minor repairs and improvements made to the houses in order to inflate the prices, reports said.

Hastings then allegedly sold the houses at inflated prices that were far more than he paid for them, reports said.

These individuals were charged in the indictments, reports said:

Price Brooks, 50, of Freeport, Ill.; Todd Ernst, 44, also of Freeport; Shawn Fleming, 21, also of Freeport; Douglas Hastings, 39, Lena, Ill.; Edward Martins, 40, Lena, Ill.; Jeffrey Meyer, 50, Winslow, Ill.; Philip Miskimon, 49, Winslow, Ill.; Dale Nelson, 49, Freeport, Ill.; Chad Nicks, 30, Freeport, Ill.; Akia Sanders, 23, Freeport, Ill.; Julie Smith, 47, Lena, Ill.; and Tasha Thompson, 25, Freeport, Ill.

Copyright 2005 Inman News

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