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Man sentenced to 14 years for fraudulent real estate scheme


  Tuesday, February 3, 2004


Man sentenced to 14 years for fraudulent real estate scheme

It's easy to say 'This never could have happened to me!' but a lot of these fraudsters appear like the most God-fearing, respectful, solid people. SO I would put no blame on the people who fell for this. - Make sure, when you trust your money to someone, to make a full background check and search the internet for anything concerning this person. Nowadays, from the comfort of your own computer chair, you can get low-cost copies of all court documents or previous lawsuits the person was involved in. - I'm not sure if it would have helped in this case, but it's important to remember!

From http://www.accessnorthga.com/news/ap_new...ry.asp?ID=30330:
 
A man accused of bilking dozens of investors out of millions of dollars through a fraudulent real estate business has been convicted and sentenced to 14 years in prison.
Randall J. Coyle, 48, also was ordered Tuesday to pay $6.2 million in restitution to 117 investors in his Rando Group Inc., a real estate investment scheme in the Waycross area that told people they would realize profits up to 50 percent.
Coyle told investors he bought distressed real estate at half its value, fixed it up and resold it. But the business operated much like a Ponzi scheme, in which investors were paid money from later investors, prosecutors said.
(...) Evelyn Huntley of Fernandina Beach said she lost nearly $60,000 as she searched for a way to make more money to care for her husband, who was suffering from Alzheimers disease.
(...) Before his sentencing Tuesday, Coyle apologized to his investors.
An ego is a bad thing and mine was way out of control, he said. The person I was, quite honestly, makes me sick.
Once released, Coyle vowed to work on paying them back. He apologized for not admitting his guilt quicker after he was jailed nearly two years ago.
Ive always been a fighter. This is one time I shouldnt have fought, he said.
One of the investors, Jean Vaughn, appeared disgusted as Coyle spoke.
(...) It's 'just' money... but horrible for the people affected.

It's 'just' money... but horrible for the people affected.
c: It's easy to say 'This never could have happened to me!' but a lot of these fraudsters appear like the most God-fearing, respectful, solid people. SO I would put no blame on the people who fell for this. - Make sure, when you trust your money to someone, to make a full background check and search the internet for anything concerning this person. Nowadays, from the comfort of your own computer chair, you can get low-cost copies of all court documents or previous lawsuits the person was involved in. - I'm not sure if it would have helped in this case, but it's important to remember!

07:54 AM   

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