Flipping Deals Running Rampant In Southwest Florida

The News-Press in Fort Myers, Florida reports that "[it] has uncovered almost 70 Southwest Florida home sales in which sellers or government officials say people either were duped or appraisals inflated so people could pad their profits. Sales totaled roughly $45 million and the profits more than $10 million." Some of the deals reportedly "involved a group of business people selling homes among themselves at inflated values."

According to Douglas Molloy, chief assistant U.S. attorney in Fort Myers, "The problem is as bad as I've seen it here. We're planning to send a message that this won't be tolerated here."

For all the details set forth in this investigative report, see Southwest Florida real estate sellers beware (Schemes multiply and they subtract from industry's credibility).
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