Builder Convicted Of Pocketing Customer Cash For Homes Never Constructed

In Prince George's County, Maryland, The Washington Post reports:

• A District Heights builder who was accused of collecting more than $1 million from banks and home buyers for homes that were never constructed has been convicted of 16 counts of theft and other violations. Leon T. Coleman, 40, promised to build homes in Kings Grant, a new subdivision in Upper Marlboro. Instead, prosecutors said, he pocketed $206,000 and used some of the rest to buy land and pay closing costs. Now many buyers face foreclosure on the land. Coleman, who ran Opportunity Investment Group, was convicted late Monday in Prince George's County Circuit Court and faces as much as 30 years in prison. His attorney, Sloane R. Franklin, said he expects the verdict to be appealed.

Source: Builder Convicted in House Scam. StiffingContractorsTheta