Irvine Ex-Commissioner Plead Guilty to Fraud

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Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781
https://activerain.com/droplet/mZh

The former Irvine Planning Commissioner plead guilty to fraud.  David R. Sparks and Irvine broker and former planning commissioner for the city of Irvine who was charged with running a Ponzi scheme that bilked $4.3 million from 34 friends.  With friends like that ...!  On Wednesday he plead guilty to felony interstate wire fraud.

Brokers that are so out of whack as Mr Sparks give all of us in real estate a bad name.  The U.S. Attorney will recommend that Sparks receive no more than five years, three months, jail time.

The case evolved around Sparks transferred $500,000 from Westpoint Bank in Wisconsin to Commerce Bank in Fullerton and an additional 1 million from Johnson Bank in Wisconsin.  He was claiming to buy and rehab foreclosed homes.  He did not purchase any homes.  He forged bank documents used nonexistent escrow companies, provided bogus status updates and falsely reported significant profits. 

Overall this Broker just tried to lie his way through collection of moneys from his friends and kept it for himself.

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Rainmaker
854,489
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I read the article in the Orange County Register this morning.  What a creep.

Jul 24, 2011 06:31 PM #1
Rainmaker
908,388
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Tim, you're right, brokers like these give our profession a bad name. Did he really think he was going to get away with that scheme?

Jul 24, 2011 06:48 PM #2
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Mark

Good to see you are up and commenting on blogs.

Jul 24, 2011 06:52 PM #3
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Pamela

I think he got over his head and thought up an answer to his problems.  Bad idea if one is not going to be honest.

Jul 24, 2011 06:53 PM #4
Rainer
387,459
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

Unfortunately this will never go away. I just wish they were going to put him away for a lot longer.

Jul 27, 2011 02:30 PM #5
Rainmaker
854,489
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Doug

It is true a longer sentence seem to be called for.

Jul 27, 2011 06:37 PM #6
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Doug

Thank you for dropping in and commenting.

 

Jul 27, 2011 07:30 PM #7
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Mark and Doug

I do like that someone would do the kinds of things that happened here.  Since I do not have all of the facts I will just hope that the sentence is just.

Jul 27, 2011 07:32 PM #8
Ambassador
2,137,194
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

Five years isn't long enough and I have to say the banks that were lending this money without checking themselves were even more foolish, but how come that doesn't surprise me too much either lately.




Jul 29, 2011 05:31 PM #9
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

No 5 yrs does not seem like a long term for this crime.

Jul 29, 2011 06:39 PM #10
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Rainmaker
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