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VP of Title Company Charged in Financial Fraud Scheme
Columbus Businessman Charged in Financial Fraud Scheme
COLUMBUS—A federal grand jury has charged
David H. DeMathews,
62, of Columbus, with wire fraud, money laundering, engaging in monetary transactions in property derived from unlawful activity, mail fraud and possessing a firearm as a convicted felon in a 39-count indictment unsealed today.
Carter M. Stewart, United States Attorney for the Southern District of Ohio and Angela L. Byers, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Field Division, announced the indictment returned March 3.
The indictment alleges that DeMathews used his positions as Director of National Accounts and Executive Vice President of American Escrow and Title Services, Inc. and President of DEMCO Advisory Corporation to execute a financial fraud scheme.
DeMathews allegedly told some victims he would invest their money in the construction of multi-million dollar buildings that were supposed to generate repayment to the investors. He allegedly promised some victims he would invest their money in Starbucks franchise opportunities in Central America, hospital projects in Panama and Nicaragua and a water treatment plant in Florida.
“None of the business ventures were ever consummated and no legitimate income was ever generated,” Assistant United States Attorney Jessica Kim told the ... more
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