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The leader of a mortgage-fraud scam that kicked back $8 million to brokers and buyers has permanently lost his real-estate license and has been fined $70,000.
In a decision issued last week, Administrative Law Judge Ted Krum reich found Jerold Minney of Kingdom Building Advocates responsible for a scheme that involved 105 home sales during 2006 that resulted in 70 foreclosures. About three dozen real- estate agents were involved in the transactions, most of whom have had their licenses revoked.
Minney could not be reached for comment.
“It’s the biggest case I’ve seen in the 3 1/2 years I’ve been here,” said Erin Toll, director of the state Division of Real Estate.
Read more: http://www.denverpost.com/headlines/ci_14422161#ixzz0fu1fP0W3
