House Flipping Fraud

[flip_it_fast]

This is one reason why the housing market went south and house flipping got a bad name. Because of people who cannot be trusted, who only care about themselves and making a buck.

46 year old Robert Dufresne plead guilty last Friday in U.S. District Court to charges of mail fraud and money laundering.

In a plea agreement, Dufresne admitted he used initial investments given to him for the purpose of buying, rebuilding, and reselling homes for his own personal use. He also admitted using subsequent funds to pay off initial investors.

He defrauded investors out of over five million dollars in house flipping scheme that took place in multiple states.

He is facing thirty years in federal prison.

[flippinout]

Unfortunately things like this go on everyday and the people committing these crimes apparently dont think about anything other than themselves.

They sure dont think about the things that will happen to the people that they defrauded. Nor did he apparently think of the effect this would have on the real estate market itself.

If this man had a job, that should have been enough if he had lived within his means, but so many times these days, people suffer from greed and just want more and dont care how they get it or who they hurt while they are getting this money.

[homealone]

This is something that we all wish wouldn't happen, but it happens every single day sadfully.

Greed is an ugly demon that so many have been affected with, and this demon hurts others dearly.

30 years is a nice sentence for this, but I also think that he should have to replay those he defrauded. If more people were forced to make right what they have done wrong, I think that they would learn a better lesson!

The thing that worries me is that the jails and prisons across this country are over flowing, that the chances of Robert Dufresne doing those 30 years or even close to that is something that most likely won't happen. There just isn't enough room these days.