Would You Trade $10,000 for $200,000?
September 22nd, 2007 Categories: Real Estate News
Would You Trade $10,000 for $200,000? Maybe.
Don A. Matthews did according to an article in the Salt Lake Tribune. Oh by the way his real estate license was revoked by the Utah Division of Real Estate too. According to the Trib, he paid a $10,000 fine for allegations of Loan Fraud. He is alleged to have falsified documents and selling property he didn’t own. (There is an investment strategy I didn’t think of before).
There are few details on how it played out, but he supposedly he netted $200,000. Paying a $10,000 fine is too cheap, that is a 5% tax. I don’t know about you but I will gladly pay $10,000 for every $200,000 there is, I have done harder work for less. He was also cited for illegally paying an Unlicensed Real Estate Agent for bringing the buyer.
So is this a crack down or do the ‘alleged” consider it a cost of doing business? However I do 
applaud the State for their efforts in going after the fraudulent dealings that our recent hot market created.But the real damage in these alleged crimes is hard to quantify. How many legitimate people bought homes based on fraudulent information that these types of dealings create? If they bought a home based false values a lot of people can be upside down or have minimal equity regardless of how much they put down. That is where the real crime is.
Personally I think these actions are to be punished with hard jail time. These are not little money schemes. They have major repercussions that can go on for years. I don’t mean one incident will cause that, for every one that was caught many got away with it.
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