I've gotta say, this sure is getting entertaining... here's the start of his latest post, and then he goes into a blow-by-blow of how he got the loans - good reading.
Also, FYI, he's a Carleton Sheets kid, and did a good number of his ponzi scheme deals with cash back at close. Oh, man....
Will I Go to Jail for Mortgage Fraud?
In this blog entry I’m coming clean about all the potentially “shady” practices over the last 12 months as a real estate investor / developer.
I am trying to figure out the following:
Did I commit mortgage fraud?
To what extent?
What are the consequences?
Will I go to jail?
Should I take this blog down immediately, run to Russia and change my name?
I will be researching the above questions in the next few days. I will be reading articles online and will be talking to attorneys, lenders and fraud specialists.
If you have any pertinent links, articles, advice or professional referrals, please leave a comment or email me. Thanks to everybody who commented on previous articles. The advice has been helpful.
Calla Way, Sacramento CA - 100% financed, got cash back at close and traded for Burdett Way in January
Burdett Way, Sacramento CA - 100% financed, fixed and lease optioned, lease option didn’t work out, tenants are moving out - trying to sell now
Guadalajara Rd, Rio Rancho NM - lease back to builder for 10 months, lease back is almost over - trying to sell now
Sonora Ave, Albuquerque NM - 100% financed, got cash back at close, fixed and sold via round robin auction this summer
Larchmont Dr, Sacramento CA - 100% financed, got cash back at close and started fixing it but ran out of cash - trying to sell now
Muncy Dr, Modesto CA - 100% financed, got cash back, fixed it - trying to sell now
W 10250 N, Highland UT - 100% financed, got cash back and just recently sold it on a wrap
Angleridge Rd, Dallas TX - brought about 30K down and financed rest with hard money loan, fixed and am trying to sell now
September 24, 2006
The $2.2 Million "liars loan" kid is now wondering: "Will I go to jail for mortgage fraud"?
Subscribe to:
Post Comments (Atom)
33 comments:
Casey
No matter what happens to your case personally, as of this moment you are adding tremendous value to the bubble story, illuminating the problem we face as a nation by personifying the excesses and systemic failures endemic with the late great housing bubble
Keep blogging as long as you can, and HP will keep shining a light on your situation throughout the process. Keep us posted.
On the legal issue, I predict a slap on the wrist for you, as you go states-evidence against your mortgage brokers, appraisers, "real estate gurus" and others involved
I also see book deals, tv appearances and wealth through celebrity. Yes, we live in a sick nation...
My boss (RE developer for 43 years) was telling me that a lot of people went to prison during the late 1980's commercial real estate slowdown for much much less. He had one collegue who got four years in prison just for over estimating his personal income on a financial statement.
A lot of people should go to prison while the RE bubble is uncovered. This kid would have gone to prison 20 years ago, and should go to prison now. But, it is 2006, so he probably won't.
Cheer up, Casey
You're doing good job. Beat that corrupt system, and keep the system from beating you!
You're exposing some shady RE practices. Be prepared for the hell you're started.
You'll be a star, celebrity, guru. Make notes, keep feedbacks and type any conversation with attorneys, lowers - you'll need them for your bestseller book "Flipper's Nightmare Notes or how I popped shady mortgage bubble"
This is becoming the Housing Bubble version of "My Name is Earl." Looks like Casey has a list and a newfound friend called Karma...
I can only say this :
http://sjl-static8.sjl.youtube.com/vi/o4x-VW_rCSE/2.jpg
Casey,
I suggest you make contact with your district congressman and speak to one of his/her case worker. Find out what you can do to become a witness in a senate sponsored hearing. Tell them everything. I mean everything. I also suggest Casey that if you think things are going to get ugly, such that many people will be dragged into this, you may want to consider asking for security or may have to move your family members to a secure place. You never know. Be very careful.
Question: Didn't you for a moment think something was F'd up or did the prospect of making a killing blind you?
This guy (kid) will probably become a touring speaker, book writer, talk show or infomercial guru! Become wealthy because of unethical dealings or wealthy because of Dumb luck!
Only in America where the best and brightest are taxed to death and the Freak shows are Exaulted to heights unimaginable!!!
Yup!
Only in America can Stupidity be a virtue!
Yehh, that idea of contacting the local congressman is brilliant!
Kid needs publicity! He's is a victim of the SYSTEM named "GET RICH QUICKLY". I hope his example will be in history books in chapter "US SECOND GREAT DEPRESSION".
He desperately needs mass-media attention.
Keith, you see know when you deal with real honest RE flipper, he/she deserves some symapathy. You was condamning RE investors for months, right? Now you've got the real honest kid. Will you throw a stone at him?
The real gungsters are the FED who loose the hell out. They pumped our economic system with worthless money. It was made to avoid the recession after dot-com market crash. They postponed the recession and made it worse - it's going to be depression now.
The real gungsters are the FED who loose the hell out. They pumped our economic system with worthless money. It was made to avoid the recession after dot-com market crash. They postponed the recession and made it worse - it's going to be depression now
Just because one entity prints money out of thin air (very true), doesn't mean another entity just loans it out without checking out the deabeat borrower. Lots of blame to go around.
And Casey, Suck Starting a 9mm is still an option. All of your headaches (pun intended) will go away just like that.
Nancy Grace
.... Nancy Grace wrote
"..Just because one entity prints money out of thin air (very true), doesn't mean another entity just loans it out without checking out the deabeat borrower."
The problem is in most cases entity
loaning money does not keep the loan on their book but sells it to another entity. It's like a game, everebody understands the risk but hopes to forward the responsibility into another before the music stops.
Something terrible wrong with that system. It's a WRONG SYSTEM, understand?
It's in COLLAPSE MODE now.
maybe carleton sheets can do some time, like catching the drug kingpin vs. the dealer?
I'm in jail and I like him. Send him in.
Signed , Fudgepaker
i don't see anything other than celebrity for this guy. what DA is going to waste their time and possible re-election going after someone that was just trying to do what everyone else was doing. that does not excuse the fraud at close of escrow, but the forms you sign just say that you may face prosecution, not that you WILL face prosecution. the kid will skate, and all the properties will be in foreclosure. he'll rent for awhile and make 6 figures on his first book deal. i am moving to canada.
Don't be so sure the kid will skate. Our little market had a dozen people go to jail over mortgage fraud. Most were sub-prime lenders doing funny money transactions. Borrowers aren't immune to fraud, but it seldom makes the news.
Google mortgage fraud in Georgia.
I'd say Casey better speak to an attorney Monday and find a way out of this mess.
http://www.mortgagefraud.org/
I am still shaking my head and wondering if this is not some made up farse like "lonely girl" to make a point of the real estate market bubble.
This one guy seems to have made all the mistakes, and done all the shady things, such as liars loans, cash back frauds, going to the get rich quick real estate seminars, quitting a productive day job, spending all the money, etc.
If he was real, I would be quiet and lay low since I do not want the banks and some regulator coming after me for the liars loans.
But it appears to check out, and I do feel bad for him that he did not start slow and learned on a smaller scale. He reminds me of another guy I used to work with who was about his age, 30k in credit card debts, and tried different schemes to get out of it, finally getting hurt in the 2000 stock crash...
Ya'll need to stay off that little assclown's blog. Don't post, don't click ads, don't do anything that will help him make anything off this scam. Smarmy little shit. I'd like to whack him upside the head with a 20 pound trout. Just need to see if I can find one here somewhere :)
he shut his blog down... strange huh
What I did was Stupid!
September 24, 2006.
This blog was the WRONG kind of exposure. I APOLOGIZE to my friends, family, associates and especially EVERYONE WHO HELPED ME with my real estate transactions.
I DO NOT BLAME ANYBODY for ANYTHING and take full responsibility.
What started as an honest desire to share my experience turned into something dangerous - playing with fire. After talking to a business associate this morning I realized I went TOO far and shared TOO much. I turned something small into a big exaggerated mess. Others were telling me this too, but I wasn't getting it. Now I crossed the line. I misused my ambition.
I have damaged my reputation and I have damaged many good relationships through this. I never meant to hurt anyone. So to stop any further damage I am shutting down and laying low.
I am sorry.
--
Casey Serin [Email]
I am Facing Foreclosure .com
No problem. I've got it all saved. I'll check the bankruptcy docket there in Sac from time to time and if he files, I'll send it all to his trustee.
Casey: didn't you ever watch Law and Order?
Never admit squat until you have an official, signed, plea & cooperation agreement. Then, and only then, do you turn state's witness.
Now, you are the easier target to the US Attorney to get a conviction---they just want numbers and don't care as much who it is.
PS to all those out there: bank fraud is federal jurisdiction. US Attorneys (prosecutors of Federal crimes) are not elected and subject to political problems. Mortgage broking can be state regulated, on the other hand.
Casey-
Too late, forwarded all items to the CA AG. Dumb a$$! Hope you enjoy tossing salads!
I hate to say it, but this guy is closer to the norm than the exception.
Case in point:
I am in the military, retiring soon. I make about 65k per year. I bought 10 houses last year and 3 pieces of land in addition to the 2 houses and 2 pieces of land that I already had. The houses were just over 200k a pop and the land about 50k per. Yes, well over 2 million dollars of property on 65k per year. Pretty crazy, no? And no I did not commit mortgage fraud, I listed my income, my homes, etc I put down 10% cash on each home, but I did use the suicidal ARMS.
I know 5 people in the small town that I live in that own approx 10 houses each.
This year I've sold half of the 12 homes that I had, sold off 2 of 5 lots I had and am now sweating the last batch of homes. They're not moving, slow market. I made money on the first batch, the second batch I'm just trying to break even. I have 1 week until I retire with a 80% reduction in take home pay.
So overall I'm nervous, but as long as everything works out I'll have made some money and learned some lessons. I won't be buying tons of real estate in the future and my new goal is to be debt free and hunker down.
Wish me luck, wanna buy a house?
Tony
Seattle area
Casey, with Attorney General Lokyer looking for to get a gig as State Treasurer, I wouldn't be the least bit surprised if he decided to make an example out of you (Elliot Spitzer is trying to make an example of the Liquor Business in New York before he coasts into the Governor's office).
Whatever they decide to do, I hope it is very public and people start to get wise.
Keith, who are these "we" that you are talking about who live in a sick nation? You live in England. Most of the commenters on this site live in America.
New Jersey had one !!!
Rise and Fall: Inside Solomon Dwek's Empire
Yeah, Casey was ruining the pyramid game for the high rollers! LOL...
This idiot sounds like that guy in the movie called "Needful Things" where one of the characters is under the influence of the devil and kills someone and then asks "was that wrong?". These people know what they are doing is "shady" at best and illegal at worst but they act like they didn't know what they were doing until they are caught with their hand in the cookie jar - kind of like an over indulged 4 year old. Pathetic.
"Go back to Russia"
Someone said Casey wasn't an Eastern European name eh?
"Fish" isn't a typical American name but thats what they will be calling him in prision.
Home Builders
loans Tips for building or remodeling your dream home.
The credit card where you earn bonus points each month and can participate in various frequent flyer programs is Gold delta skymiles credit card.
Post a Comment