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The Oregon Department of Consumer and Business Services reported Tuesday it has issued a cease-and-desist order and assessed $250,000 in fines against Anthony “Tony” Schwartz and two businesses he controlled for selling interests in foreclosed homes he seized in a complex “foreclosure rescue” scheme.
Schwartz, who owned REI Exchange, LLC and TMG Ventures, Inc. in the Portland area, raised nearly $850,000 by convincing buyers to purchase fractional interests in real estate “land trusts” from the sale of homes seized from owners unable to repay their loans.
Schwartz, who was not licensed to sell securities, falsely represented that the unusual, unsecured investments were safe, the agency said.
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