Utah Mayoral Candidate Still In Race Despite Loss Of Real Estate License In Alleged Cash Back, Straw Buyer Scam

In Eagle Mountain, Utah, the Daily Herald reports:

• Casting himself as the hero in a vast conspiracy, Eagle Mountain mayoral candidate Richard Culbertson insisted during a candidate debate on Wednesday that despite state investigators charging him with real estate fraud, voters must choose him to protect them from land speculators. Earlier in the day, the Utah Department of Commerce, Division of Real Estate issued a news release saying that Culbertson's real estate license had been revoked by the state's Real Estate Commission on Wednesday "over loan fraud."

• "Culbertson forged signatures, falsified loan papers and used a straw buyer in equity skimming scheme," said state officials in a media statement. "According to the Division of Real Estate's investigation, Culbertson admitted to using a 'straw buyer' (i.e., using a false identity or the identity of another person) to purchase a home for his personal residence. He also admitted using a straw buyer to purchase other properties at artificially inflated values in order to obtain money in excess of the sales price and acquire cash at closing for his personal benefit."

According to a Division of Real Estate official, Culbertson's actions are part of a larger loan fraud ring in Eagle Mountain and the surrounding area, involving real estate agents, mortgage lenders, appraisers and members of the general public.

Culbertson has not been criminally charged. Reportedly, the Utah Division of Real Estate said they had referred Culbertson's case to federal and state authorities for review. For more, see E.M. candidate charged with fraud (Richard Culbertson says he is the victim in mortgage loan scheme, loses real estate license).