North Carolina Home Flipper Leaves Investors "Holding The Bag"
The Fayette Observer recently reported on the story of Eric Omar Jones, a businessman who started a now-defunct company he named U.H.K. Investments — for “University of Hard Knocks.”
Reportedly, he was at the center of more than 100 house flipping deals in North Carolina in Cumberland, Hoke, Moore, Robeson and Sampson counties. At least 53 of the homes ended up falling into foreclosure, The Observer found. Many of the investors he recruited ended up "holding the bag", owning homes in disrepair with mortgages that they couldn't afford to pay.
While he admits he made business mistakes, Jones denies misleading investors. He hasn’t been charged with crimes, though the FBI has apparently investigated. For more, see Easy money, hard lessons.
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Reportedly, he was at the center of more than 100 house flipping deals in North Carolina in Cumberland, Hoke, Moore, Robeson and Sampson counties. At least 53 of the homes ended up falling into foreclosure, The Observer found. Many of the investors he recruited ended up "holding the bag", owning homes in disrepair with mortgages that they couldn't afford to pay.
While he admits he made business mistakes, Jones denies misleading investors. He hasn’t been charged with crimes, though the FBI has apparently investigated. For more, see Easy money, hard lessons.
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posted by Home Equity Theft Reporter at 4:52 AM
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