Ringleader In Colorado Straw Buyer / Rent Skimming / "Rent To Own" Scam Convicted Of Racketeering

The Pueblo Chieftain reports:

• A real estate mogul will trade his upscale lifestyle of luxury cars, fine dining and posh homes for a stretch in the big house. Maurice Goring, 41, was convicted Tuesday 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.

• Goring enlisted acquaintances he met at church to serve as the listed owners on distressed properties he purchased. Goring then pocketed the mortgage loan proceeds, often taking out a second mortgage immediately at closing. He let the houses lapse into foreclosure. In the process, he ruined the credit of the people who agreed to serve as the registered owners of the homes.

For more, see Goring guilty of racketeering (Former real estate professional faces up to 48 years in prison).

For story update, see Man gets 10 years in real-estate scam.

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