Accused "Rent To Own" / Straw Buyer Scam Artist On Trial; Unwitting Straw Buyers Left With Ruined Credit
In Pueblo, Colorado, The Pueblo Chieftain reports on a mortgage fraud trial in progress in which the victims of the accused testified against him yesterday. The Chieftain reports:
- Maybe they gave him too much credit. Accusers of charismatic businessman Maurice Goring testified on Tuesday at his trial that he used their good credit to buy distressed properties that he allowed to lapse into foreclosure, wrecking their financial futures. Goring, 42, is acting as his own lawyer ... . A grand jury indicted Goring on charges of theft, fraud and forgery under the Colorado Organized Crime Act.
Goring is also accused of luring tenants on a "lease to own" basis. One tenant testified that the home he and his wife had been renting with the intent of buying changed hands at least twice between Goring's relatives and business associates while they lived there, and the price they were promised was hiked by more than $30,000. Ultimately, they were were evicted.
Most of the homes involved ended in foreclosure and his straw buyer / accusers say they were left with irreparably damaged credit ratings that have severely hampered their financial prospects for the future.
Goring is the last of five defendants left standing in this case. Two who played supporting roles in the scam have already pleaded guilty to lesser charges. Charges against two Goring employees, whose errors in judgment did not rise to the level of criminal conduct according to the prosecutor, have been dismissed. All four have agreed to testify against Goring, the alleged ringleader. For more, see:
- Accusers rake businessman in fraud trial (Victims say Maurice Goring wrecked their credit in foreclosure scheme),
- Woman avoids prison term for fraud scheme.
For story update (10-24-07), see Goring guilty of racketeering (Former real estate professional faces up to 48 years in prison) (Maurice Goring, 41, was convicted on two counts of racketeering under the Colorado Organized Crime Act. He faces up to 48 years in prison. Prosecutors said Goring stole or fraudulently obtained mortgage loans totaling about $2 million.).
Go here for other posts on this case.
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