Here's a Florida oldie and badie:

The complaint outlined in an Attorney General Press release in sum and substance alleges that Mr. Teal, while living in Singapore, held a "mail drop box" in Marco Island which he used to defraud people out of their land. Mr. Teal appears to have used the Internet to identify specific parcels of Florida land owned by predominately out-of-state residents. He made offers to buy their real estate, holding their property under contract indefinitely until he found a buyer to purchase it at a higher price. It appears that he systematically would threaten the owners with lawsuits and fraudulent affidavits to prevent them from escaping the "unfair" transactions.

The 2005 AG press release specifically states, "The affidavits filed by Teal claimed he had a valid contract, and he would threaten to file a lawsuit to compel the property owner to sell him the property. As long as the affidavits remained in the court clerk's official record, the landowner did not have clear title and was prevented from selling to any other buyers. These affidavits put a "cloud" on the title to the property, giving Teal an unlimited amount of time to arrange for another purchaser to buy the property from him. If a property owner objected to Teal's legal tactics, he threatened litigation. Investigators determined that Teal has bought and sold hundreds of properties, turning more than a million dollars profit in this manner."

How's that for nerve?

 

 

 

 
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12 Comments on Ever Hear of The 2005 TT Real Estate Scam?

DEC
30
209,327 Points 1 Featured Post Localism Sponsor Outside Blog Hit Router

wow, never heard of that one.  Pretty creative method for bullying vendors and buying himself time.

12:58am • #1
314,946 Points 14 Featured Posts Localism Sponsor Outside Blog

Yup. I was a bit surprised he managed to hold approximately 150 properties hostage, if not more. Robert, seems like people are figuring out how to use the law against honest folks in really destructive ways. Real Estate can be a lot more interesting than one thinks. My routine is no longer going to be me just doing what my office does. Looks like I am really going to have to learn to be on the alert when people show up out of the blue looking for help on their projects. I enjoy being a buyer's broker but that type of client would give me gray hairs and a stomach ulcer.

1:12am • #2
227,104 Points 22 Featured Posts Localism Sponsor Outside Blog

Carolyn, it's amazing what schemes people will come up with, isn't it?  The funny thing is if they put that kind of effort into a worthwhile endeavor, they would have more blessings (and money) than they could figure out what to do with. 

2:12am • #3
521,890 Points 25 Featured Posts Outside Blog

Carolyn, It seems as if there is a crook born every minute. Usually they have the money and the poor schlep trying to sell their property does not. I hope they hang him by his nads...

2:56am • #4
134,054 Points 2 Featured Posts Outside Blog Hit Router

OMG I just read your other post, you must get your head into other topics missy, this is horrible and we thank you for calling it to our attention but I urge you not to dwell there, it's a dangerous place to put your thoughts. 

3:41am • #5
584,814 Points 82 Featured Posts Localism Sponsor Outside Blog Hit Router

C...

Normally this would only require a quiet title action ... you sue the "buyer" and if he doesn't show up in court the judge will usually approve the action. It's a pain but I'll would NEVER sell to a crook!

6:26am • #6
164,826 Points 6 Featured Posts Localism Sponsor Outside Blog

Unbelieveable! It's hard to stay ahead of all these horrible schemes.

10:54am • #7
329,917 Points 19 Featured Posts Outside Blog

This one is new for me, but it seems as long as there are people in this world, then there will be a new way to screw other people.

11:26am • #8
DEC
31
459,112 Points 13 Featured Posts Localism Sponsor Outside Blog

C - There is always someone determine to go to all length to defraud others.  With the present economic conditions and so many vulnerable individuals these scam artists are working overtime.

12:04am • #9
JAN
01
163,834 Points 10 Featured Posts Outside Blog Hit Router

Carolyn - Why does it always seem to be Florida...  Ugh, why can't the internet be used for good, not evil.

10:47am • #10
JAN
02

C. This is a really crooked person to do people this way. I am sure glad he is not in my area.

12:46am • #11
JAN
12
314,946 Points 14 Featured Posts Localism Sponsor Outside Blog

Jesse, I know. That totally whomps!

Michael, it's unfair how they get away with it for so long and claim so many victims before it all finally catches up to the people who pull this off.

Terrylynn my head is everywhere these days (LOL).

Richard, a quiet title action usually means a quit claim deed, which sucks when you have a general warranty deed.

Barb, every single day I read something that makes me go, "hmm..."

JL, I second that fact (LOL). Sad, but true.

Jennifer, I know what you mean. I'm frustrated with everything that has been going on. I should write a book (LOL).

Debbie, New York has some wild scams going on up here too...

Laura, I know what you mean.

 

12:47pm • #12

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C Tann-Starr

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