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Real Estate Agent Forges Buyer's Name in Bankruptcy Case

Topic: Real Estate news

Gary Kevin Coats pled guilty before United States Magistrate Judge David W. Daniel to bankruptcy fraud, in violation of Title 18, United States Code, Section 157(3), for forging a buyer's name and initials on a offer to purchase a condominium. The bankruptcy court was unaware that Coats had made a side deal to received additional funds upon the sale.

According to the criminal information filed on December 20, 2011, Coats filed a voluntary petition for a Chapter 7 bankruptcy on February 10, 2009. A Chapter 7 Trustee was appointed and Coats, then a licensed real estate agent and operator of Featured Properties, LLC, was notified by an Order and Notice to Debtor that all property belonged to the Chapter 7 estate. This property included a Raleigh, North Carolina, condominium to which Coats had declared he intended to surrender.

In March 2009, Coats was contacted by a real estate agent who represented clients wishing to purchase the condo. In April 2009, Coats, using the buyers' assumed name and forged signatures and initials, submitted an offer to the Trustee to purchase the condo. Over the next couple of weeks, Coats, using the assumed name, through e-mails, encouraged the Trustee to take the buyers' offer. In May 2009, the Trustee filed a motion to approve the private sale with the United States Bankruptcy Court.

Unbeknownst to the Trustee, the buyers' real estate agent and Coats had negotiated a side agreement that the buyers would pay additional funds to Coats outside of closing that would not go to the Trustee. On June 5, 2009, the Trustee contacted the closing attorney and learned of the side agreement. On June 10, 2009, Coats, posing as an attorney, e-mailed the real estate agent regarding a cease and desist letter sent to Coats under his assumed name concerning the side agreement. Later that month, the attorney whose name had been used by Coats, contacted the Trustee notifying the Trustee that he did not e-mail the real estate agent nor did he know Coats.

Coats will be sentenced in 90 days.

United States Attorney Thomas G. Walker announced the guilty plea.

Investigation of this case was conducted by the Federal Bureau of Investigation. Assistant United States Attorney S. Katherine Burnette is prosecuting the case.

02/23/2012
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Sthefanne
Run .. if you want to sell your house then put it on the maerkt. or put it on the maerkt and tell this company to invest in this .. **raises middle finger**. look remember what your grandma told you .it its too good to be true then it is .. there are scam artists around every corner waiting to bilk you out of your hard earned money. the objective of an investor is to buy low and sell high. so if there is something going on in your area like a new factory coming in or maybe someone struck oil .those sorts of things will spur an investor to solicit property by mail but by in large anyone offering to buy your house sight unseen makes me nervous. and the fact that you are going to remain on the note sounds like insanity. so in short, you are going to sign over your home and keep your name on the loan . this cant be a good idea. run run run ..
read more... 09/30/2012

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