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Brevard County Men Gets 10+ Years for $18 Mil Real Estate Fraud Scheme
Brevard County Men Sentenced to More Than 10 Years for Operating $18 Million Fraud Scheme
ORLANDO, FL—Senior U.S. District Judge John Antoon, II today sentenced
Donald Ray Babb (58, Merritt Island) and
Ralph Victor Ruth (61, Melbourne)
to ten years and one month in federal prison for conspiracy to commit wire fraud.
The Court also ordered the forfeiture of their interest in the following properties:
422 Waterside Drive, Merritt Island, FL; 3502 Tipperary Drive, Merritt Island, FL; 3661 Turtle Mound Road, Melbourne, FL; 312 Sycamore Circle, Warne, NC; and 3498 NC Highway 60, Murphy, NC, which were traceable to proceeds of the offense.
As part of their sentence, the Court also entered a money judgment in the amount of $18,731,125.58, the proceeds of the conspiracy, and ordered restitution in the amount of $9,728,968.48. Both pleaded guilty on November 12, 2014.
According to court documents, between June 2006 and December 2013, Babb and Ruth orchestrated a scheme in Brevard County that ultimately defrauded approximately 181 investors out of $18.7 million.
Doing business as Southeast Mutual Insurance and Investment, LLC, Capstar Industries, LLC, and First Merchant Capital, LLC, Babb and Ruth falsely represented their businesses as ... more
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