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Cleveland Man Indicted on Fraud - $1.2 Million Purchase of Home
Cleveland Man Indicted on Fraud Charges Related to $1.2 Million Purchase of Richfield Home
A Cleveland man was indicted on bank fraud charges related to the fraudulent purchase of a Richfield home for nearly $1.2 million, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.
Damone Tyson, 49,
was indicted on one count of conspiracy to commit bank fraud and one count of bank fraud. His actions resulted in a $631,854 loss to IndyMac Bank, according to the indictment.
Tyson served as president an agent for a consulting company known as Athletes & Entertainers, Inc. in Cleveland. The company represented that it provided financial, personal and business advice to professional athletes and entertainers, according to the indictment.
In 2007, Tyson directed a straw buyer to purchase the residential property at 3400 East Galloway Drive in Richfield. The straw buyer paid $1,189,000 for the home, which Tyson used as his primary residence. The straw buyer was able to arrange financing through only after making several false statements on loan applications about her income, savings, job title and other topics. These false statements were made at Tyson’s direction, according to the indictment.
The loans, obtained by the ... more

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