Word: fraud
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ANNE HATHAWAY dumps Zach Braff--looking boyfriend before he's indicted on fraud charges...
Rivera, Louisma and Acosta face up to 30 years in prison and a $1 million fine on counts of wire fraud. Meanwhile, Rivera and Louisma face separate foreclosure proceedings that may see them losing not only their own personal property but, in Rivera's case, her business. Neither Rivera nor Louisma have entered pleas. But Louisma's lawyer Harold Long told TIME, "This was a pretty extravagant and elaborate scheme. It's really uncertain if [Louisma] knew the parameters of this thing. I think he is prepared to assume responsibility for what he did at some point in time." Acosta...
...units involved in the case are part of a 67-townhome development that was already an example of the South Florida property boom gone bust - a stagnant pool waiting for fraud to fester. The Residences at Rookery Park was initially marketed in 2004 as three- and four-bedroom townhomes for under $250,000 in west Fort Lauderdale, within earshot of a busy executive airport, on a busy corridor and miles from the beach. As the market boomed, the townhomes' starting prices soared to $349,000. A former broker said the units sold quickly, but then closings languished and buyers sought...
...bank wire transfer of $690,000 to an account held by Rivera led to the arrests. The bogus sale price of the homes may have been the giveaway. "Generally, where there's been the fastest price appreciation is where we've seen the greatest incidents of mortgage fraud," says John Mechem, spokesman for the Mortgage Bankers Association...
This happens to be a favorite theme of Einhorn's. "The authorities are good at cleaning up fraud after the money's gone," he writes in his new book, Fooling Some of the People All of the Time. But they "really don't know what to do about fraud when they discover it in progress." Einhorn's Greenlight Capital manages $6 billion, most of it invested in stocks that Einhorn actually likes. But Greenlight also makes money short-selling the stocks he doesn't like. Six years ago, Einhorn stood up at a charity event and recommended shorting Allied Capital...