Friday, January 22, 2010
Ohio Man Pleads Guilty In $7.3 Million Real Estate Investment Fraud Scheme
Kevin Miller, 55, of Fairfield, Ohio, pleaded guilty yesterday to one count of conspiracy to commit mail fraud and one count of obstruction of an investigation for his role in a real estate investment fraud scheme between 2005 and 2008 that defrauded approximately 80 victims out of approximately $7.3 million. According to prosecutors, Miller was a salesperson for Capital Investments and "duped" investors into fraudulent real estate investments in Ohio and Florida. He sent letters to investors claiming the investments were safe and secure and a success, earning higher returns than most investments. It turns out that the properties in question were owned by Capital Investments, related entities and family members and were "in foreclosure, disrepair or lacked substantial equity." Prosecutors alleged that many of Miller's victims were people Miller had attended church with at the Princeton Pike Church of God, including elderly and inexperienced investors.
Read the DOJ announcement here.