Fake Title Companies - Do They Exist?

In a recent report by Realtor Magazine.  The was an article quoted by the St. Petersbur Times - In the article, it reported that real estate scam Leaves More Than 100 Out $20 million police are unraveling a scam that has left more than 100 people out more than $20 million.

Many of these buyers stated that they scammed out of the money are pointing the fingers at the principals of Sky Development Group, Natalia and Victor Wolf. Investigators have not charged anyone as of yet however, they will continue to investigate. Meanwhile, the Wolfs have been unable to be reached and are believed to have left the country.

The list of alleged victims include retirees, seasoned real estate professionals, and a number of major businesses. The allegations include that a fake title company managed by Natalia Wolf forged deeds on property Sky Development never owned.

According to Alex Hamilton, a Miami real estate associate, "Everybody believed them. Everybody bought into their scheme," Alex was involved in selling more than $500,000 of the company's property and also bought a lot from the couple.

Also, an Orlando developer, Peter Madison was one of the attendees at an an extravagant party the Wolfs held on a cruise boat shortly before they disappeared. He says the Wolfs owe him $2 million, and he is shocked at what has happened. "They were actually great people to deal with, " he says.

Source: The St. Petersburg Times, Catherine E. Shoichet (12/04/2006)