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Ex-attorney in Ga. guilty of real estate fraud
(ATLANTA BUSINESS CHRONICLES) - Former attorney Steven H. Ballard, of McDonough, Ga., pleaded guilty Thursday in federal district court to running a five-year real estate investment scam that bilked millions from victims in Georgia, Florida and Tennessee.
Ballard, a former real estate and business law attorney, operated a fraudulent real estate investment scam, commonly known as a “Ponzi” scheme. From September 2002 through May 2006, he collected more than $2 million. In Georgia alone, he solicited funds from investors in Duluth, Dunwoody, Fayetteville, Jackson, Jonesboro, Newnan, Palmetto, Peachtree City, and Whitesburg.
Ballard also solicited funds from victims in Florida and Tennessee.
He told the victims he was making “lucrative” real estate and other investments which were not actually transacted. He often used bogus HUD-1 Settlement Statements, Warranty Deeds and Sales Contracts to reflect non-existent property purchases, while using a portion of the scheme proceeds to repay former victim investors. The repayments included their principal plus substantial “returns” often exceeding 50 percent of the initial investment, but those repayments were all funded with money from new victim investors.
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[...] Joe Manausa on July 11, 2009 Ex-attorney in Ga. guilty of real estate fraud – realtynewsnow.com 07/11/2009 ( ATLANTA BUSINESS CHRONICLES ) – Former attorney Steven [...]
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Why is it that anyone thinks they can get away with this crap? I have never heard of a ponzi scheme that lasts forever! Eventually the house of cards crumbles.
It’s sad that the Bernie Madoff’s of the world make it so hard for real estate investorsto raise private money!
Great article…keep them comming.
Cody Sperber
KleverInvestor.com