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Home builder to be imprisoned after fraud conviction
- Type "Headline News":
Ohio--Update, more problems with use of builder's lender (and more): David Willan, owner of Evergreen Homes and other businesses, sentenced to 16 yrs in prison for engaging in a pattern of corrupt activity, money laundering, multiple violations of securities law, aggravated theft, theft from the elderly, tampering with governmental records and violations of the Ohio Small Loans Act.
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The former president of Evergreen Investment Corp. and Evergreen Homes was sentenced to 16 years in prison Monday for mortgage and securities fraud.
David Willan, 38, of Akron, appeared before Summit County Common Pleas Judge James E. Murphy following two trials and conviction on 70 criminal counts.
Evergreen Investment sold securities that were supposed to fund Evergreen Homes, which built houses and sold them to buyers who had trouble getting regular mortgages, Summit County prosecutors said.
But between 2002 and 2006, Willan sold adjustable-rate loans to unwitting homeowners and made false claims in information provided to investors, according to authorities.
The Akron-based companies also did business in Canton.
Willan and 16 co-defendants were indicted in December 2007.
Willan’s charges included engaging in a pattern of corrupt activity, money laundering, multiple violations of securities law, aggravated theft, theft from the elderly, tampering with governmental records and violations of the Ohio Small Loans Act.
http://www.cantonrep.com/communities/canton/x737348595/Home-builder-to-b...
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Thank you for the abuse report. We will review the report and take appropriate action.
JFenno8 hours ago
Summit County Prosecutor's office deserves congratulations on this. What our federal and state government has failed to do, Summit County's prosecutor has done.
The question remains why so many wall street executives, bankers, real estate professionals, real estate appraisers, real estate brokers, etc. have all gone unchecked and unchallenged in this real estate debacle that brought our economy to its knees!
mojo13485 hours ago
Congratulations Summit County Prosecutors!
My question is...will the people who fell victim to these scams get any repayment? And yes, I agree it's high time everyone in this type of business should be checked & rechecked so this doesn't happen again & look at the level this scammer reached before being caught. Bold as brass. It's amazing to me the levels of greed these con artists reach. In the end, they are caught & will serve plenty of jail time. (Even more if I were the Judge). What's their point in the first place..do they think they are ingenious? I think not.
whinendine4 hours ago
Yes, Prosecutors are to be congratulated on this one , however they gave slaps on the wrists to the ppl who were working for him , making their commissions, taking advantage of ppl who didnt know to ask the right questions and trusted these agents to be looking out for their best interest, not covering their own @sses. Kinda just like the brokers and realtors here in Stark county play CYA all the way up thru the Ohio Board of Realtors and beyond. They eat their own kind.
JFenno3 hours ago
Without even turning over a page I was told by an area banker that 'everyone' that had anything to do with financing in the real estate field were privy to the real estate bubble. The greed had no bounds according to this banker's account.
Why haven't we heard a word from the Stark County Prosecutor's office or the State of Ohio Attorney General or the Department of Justice?
WIth the exception of Madoff's ability to control the SEC (and NOTHING done about the lack of enforcement issues with the SEC) and the Summit County Prosecutor's efforts against Evergreen, where have our criminal investigators been and what have they done?
Why haven't our editors and our public officials come to the public's assistance in these matters and investigate the causes and the potential criminal wrongdoing here?
Could it be that our very own governments' participation played a key part in all of this?
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