Results tagged “Real Estate Scheme” from The Court Reporter

Louisville Man Prison-Bound For Concocting A Multi-Million-Dollar Real Estate Scam

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LOUISVILLE -- A 63-year-old man who concocted a scheme to induce people to invest in real estate business by promising returns on investments from 10 to 15 percent was sentenced today to three years in prison, according to federal authorities.

Russell N. Daniel was also ordred to pay more than $2.7 million in restitution.

 In court, federal officials stated that Daniel admitted that in one scam he solicited more than $700,000 to purchase houses purportedly located in Prospect, Shelbyville, Goshen, and Lexington, Kentucky, as well as Jeffersonville, Indiana, when in fact the addresses were fictitious. Daniel used the money received from investors in these fictitious transactions to fund unrelated matters, including using the investment monies to make payments of promised returns on unrelated investments.

The Court Reporter
Raul Hernandez has spent years writing stories about the drama that unfolds in the courtroom. Here he answers common questions, share some insights on the judicial system and passes along some of the little things that make the Ventura County courts an interesting place to be. You can contact him at rhernandez@vcstar.com.