AZCentral reported this morning that a West Valley couple is being investigated for real estate investor fraud scams.
As the article highlights, the Arizona Corporation Commission is looking into the business dealings of a couple in the Glendale area who may have bilked investors, and even family, out of hundreds of thousands of dollars for so-called quick turn high yield real estate investment schemes.
I’m glad to see the Arizona Corporation Commission pursuing this. Overall, I believe there is a near total absence of these kinds of actions in the Phoenix marketplace. I am pretty confident that if the Arizona Department of Real Estate or other authoritative entity did a review of mortgage applications during the market run-up, they would see a range of questionable actions that would border on illegality. There is a sense that not enough has been done in this arena.
So, this is a welcome development. But let’s hope the ACC and ADRE take a very aggressive approach to investigations and prosecutions in the future. This is an industry in transition and some level of turmoil. I know I speak for many Realtors who hope that our industry comes out the other side of this market with a higher level of professionalism and integrity than has not been seen before.
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