Pastor, Mortgage Broker-Wife Charged In Alleged Treasure Coast Flipping Scam Leaving Straw Buyers Holding The Bag

In Martin County, Florida, TC Palm reports:

• A locally well-known pastor and radio show host and his mortgage broker wife, who used their positions to lure investors into questionable real estate purchases under the guise of an “investment” scheme, were arrested Tuesday. Rodney and Shalonda McGill of Jensen Beach are being held in the Martin County Jail pending the posting of bail of $1.4 million each.(1)

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• [Department of Financial Services (DFS), Division of Insurance Fraud Detective Ted] Padich said that McGill used his radio show to lure in potential investors. [...] The McGills purchased land in Martin and St. Lucie County, then induced “investors” to purchase the lands at inflated prices, Padich said. “This let them walk away with the equity in the property and left the ‘straw’ investors as we call them, holding land they could not sell.” In all, the investors had $1.115 million dollars in mortgages which they could not pay.

For more, see Martin County pastor and wife charged in real estate investment scam.

See also, WPBF-TV Channel 25: Pastor, Wife Arrested In Mortgage Fraud Scam (State Authorities Say Couple Duped Buyers, Drained Equity On Real Estate).

(1) According to the story, the McGills face charges of racketeering, conspiracy to commit racketeering, first degree grand theft and obtaining a mortgage by false representation by the Statewide Prosecutors Office in West Palm Beach. The investigation was conducted by Detective Ted Padich of the Department of Financial Services(DFS), Division of Insurance Fraud.