WASHINGTON—Fourteen individuals pleaded guilty yesterday in the District of Nevada for their roles in the scheme to fraudulently take control of various home owners’ associations (HOAs) in the Las Vegas area.
According to plea documents, the defendants each pleaded guilty to one count of conspiracy to commit mail and wire fraud, and the fraud scheme operated from approximately August 2003 through February 2009 with various co-conspirators joining that scheme at different times. The conspirators operated the scheme to direct construction defect litigation and repairs at condominium complexes to a particular law firm and construction company.
In order to accomplish the scheme, certain co-conspirators identified HOAs that could potentially bring construction defect cases. Once identified, the co-conspirators enlisted real estate agents to identify condominium units within the HOA communities for purchase. The co-conspirators then enlisted individuals as straw purchasers to use their names and credit to purchase condominiums in the complexes. The defendants admitted that the co-conspirators provided the down payments and monthly payments to the straw purchasers, including HOA dues and mortgage payments, and that various false and misleading statements were made to secure financing for the properties. Certain co-conspirators operated and managed the payments associated with these properties. The payments were often wired between California and Nevada.
Ten other individuals pleaded guilty in 2011 as part of the government’s ongoing criminal investigation of activities related to various Las Vegas HOAs.
Read the FBI's Press Release at this link: http://www.fbi.gov/lasvegas/press-releases/2012/fourteen-individuals-plead-guilty-for-their-roles-in-scheme-to-fraudulently-control-home-owners-associations-in-las-vegas
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