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MINNESOTA MAN SENTENCED FOR REAL ESTATE FRAUD - 25 PROPERTIES INVOLVED
Minnesota Man Sentenced for Fraud Involving 25 Properties Ericvan Anthony McDavid, 37, Savage, Minnesota, was sentenced for participating in a $13 million mortgage fraud scheme that involved no fewer than 25 properties in Prior Lake, Savage, and Minnetonka, Minnesota, among other Minnesota communities. United States District Court Judge Ann D. Montgomery sentenced the defendant to 45 months on one count of wire fraud.  
He was indicted, along with two co-defendants, on June 15, 2010, and pleaded guilty on January 26, 2011.
As previously reported by Mortgage Fraud Blog, McDavid admitted that between April of 2005 and February of 2009, he conspired to obtain loan proceeds fraudulently by making false representations and promises as well as by withholding material information. During that time, McDavid was either an owner or co-owner of several businesses, including EVM Properties, Skyy Realty, and Universal, Inc., through which he bought, sold, and managed real estate.
To carry out this fraud scheme, McDavid recruited "straw buyers" to purchase selected properties by promising them payments of $15,000 to $52,000 per transaction. Once a buyer agreed to purchase a particular property, McDavid provided that buyer with funds to put toward the purchase, thereby misleading the lender into believing that the ... more

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