Land Flipping and Dirt Dealing 101 CLINTONIAN LAND SCAMMING The Dirt Dealing Guru’s Hand Book

    This site is by no means EXHAUSTIVE and is merely a sampling of the many, many thousands of examples of Well Connected Criminals and Swindlers , connected to US Politics, that have exploited Consumers and Taxpayers for TRILLIONS in Financial Chicanery.  The examples below barely scratch the surface of the  MASSIVE CRIME SPREE of  Land Speculation Crimes and Financial Institution Larcenies.    JBW

The Continuing Series    THE  GREAT  TEXAS  BANK  JOB

ToxicZombieDevelopments   The Financial Gang Rape of America 

The Phantom, Ghost, Wildcat, Red Flag, Paper, Unrecorded,  LAND SCAMMING of the  Bushs and Clintons ….   From Florida to California, Hawaii to Alaska, Utah to Maine ….  A  National Scandal 

TRILLIONS LOOTED … FBI DOJ TREASURY FAIL

Judge Jeannine Trey Gowdy Elliot Spitzer Matt Tabbi Richard Bowen Gretchen Morgenson Carthryn Austin…

Blow Job Bill and Hillary were FLIPPING  LOTS  in FLIPPING   ARKANSAS

It Did NOT   GO WELL

Judge Jeannine   Trey Gowdy   Elliot Spitzer   Matt Tabbi   

Richard Bowen    Gretchen Morgenson   Cathryn Austin Fitts   Bill Black

KAT WOOLFORD    Comey    Mueller    CHRIS WRAY   JEFF SESSIONS  ….

PRESIDENT DONALD TRUMP   How many have been PROTECTED

and Shook Down ?     https://www.bing.com/search?q=Land%20Fraud%20Bank%20Looting%20Trillions%20Stolen%20&qs=ds&form=QBRE

 

A Savings Fiasco in Texas Ends at a Fire-Sale Price – The New York …

Jun 22, 1990 – In the mid-1980’s the Stonebridge Ranch, a 6,250-acre development planned as a sprawling community of million-dollar homes, scenic golf …

Flip Flip Flip Flipping  Those  Lots …. and  BLOW  JOB  BILLY  BOB  and  HILLARY   FAILED   …..   Ask  Kenneth  Starr  

     In the mid-1980’s the Stonebridge Ranch, a 6,250-acre development planned as a sprawling community of million-dollar homes, scenic golf courses and 13 man-made lakes, symbolized the vigor of the North Texas economy and the optimism of the aggressive savings and loan that poured an estimated $330 million into buying and upgrading the property.

     The Federal Government on Wednesday agreed to sell Stonebridge Ranch, 30 miles north of Dallas, to a Japanese industrialist for $61 million. The savings and loan that once backed the development so eagerly was seized by the Government 18 months ago, after it was declared insolvent. The losses of nearly $270 million will be paid for by the American taxpayer.

     The sale is a striking example of the losses the Government is likely to face as it sells off the real estate it has seized from insolvent savings and loans – a crucial element in the Federal bailout of the industry.

     ”We taxpayers aren’t going to realize anything close to our cost in Stonebridge and hundreds of other similar projects,” said Frederick E. Roe, a Dallas investment manager. ”It’s probably typical of what we can expect in the future.”

     The short history of how Stonebridge Ranch absorbed and then lost so much money is a story of the unrestrained ambition of local developers, heedless lending by aggressive savings executives, and the connections between the two groups.

Prominent Shareholders

     In this case, the story includes politically prominent Texas businessmen who were important shareholders in the savings and loan that backed the development: Robert S. Strauss, chairman of the Democratic Party during the Carter Administration; his son, Richard C. Strauss, and J. Livingston Kosberg, a nursing home owner and an active fund-raiser for the Democratic Party in Texas.

     Although their roles have been examined by regulators, none of the three have been charged with misconduct in the failure of the Gibraltar Savings Association and its parent, the First Texas Financial Corporation, or in the losses suffered by Stonebridge Ranch.

     The new owner of Stonebridge Ranch, assuming a bankruptcy court approves, is Yukio Kitano, an industrialist in Osaka, who has large real estate holdings in Hawaii. Real estate experts said it was the largest investment by any Japanese business in Texas real estate.

     Mr. Kitano’s agent, George Meyer, said his client hopes to persuade Japanese manufacturers to put American operations at the site. He said that part of the site is zoned for light industry and that the Government had kept the property in ”beautiful condition” since taking control of it. ”There’s not a blade of grass out of place,” he said.

     He said Mr. Kitano visited the site for the first time last week. ”He could see the possibilities, and he just loved it,” Mr. Meyer said.

     The area is near a cluster of offices of American corporations. The J. C. Penney Company is building its new corporate headquarters within 15 minutes of Stonebridge Ranch. Sprawling suburban office complexes of large companies, including the Frito-Lay division of Pepsico Inc., the Electronic Data Systems division of the General Motors Corporation and Texas Instruments Inc. also are nearby.

     Mr. Kitano won the right to buy Stonebridge in a competitive auction. Other bidders included the Mobil Corporation and H. Ross Perot, the Texas computer entrepreneur.

Government Defends Price

      For its part, the Government says that given today’s real estate market in Texas, the price was reasonable.

     ”The sales price we received is a good indication of the market value of the asset,” said Frank Campagna, a Government official who has acted as manager of the project.

      The 270 homeowners living at Stonebridge Ranch have apparently suffered little from the development’s financial troubles. The sidewalks, roads, golf courses, hiking trails and lakes are already built. The development is designed for some 27,000 homes and apartments, with the management company selling land to private contractors, who then build homes on the lots. Since it opened in 1988, the prices of lots sold to home builders have risen somewhat.

     Still, by the time the project opened the development funds were already sunk into the Stonebridge Ranch and real estate prices had plunged from the levels of a few years earlier.

A Symbol of Ambition

     Stonebridge Ranch was the most ambitious real estate undertaking that executives and owners of Gibraltar Savings conceived for the fast-growing Texas economy in the early 1980’s.

     Mr. Kosberg had acquired Gibraltar and the First Texas Savings Association by 1983 and soon handed to Richard Strauss, a real-estate developer and member of the First Texas board, the responsibility for transforming Stonebridge from thousands of blueprints into a gleaming reality.

     The younger Mr. Strauss, fortified with a loan of more than $100 million from Gibraltar, outbid Mr. Perot for the Stonebridge property in 1984.

     Real estate professionals said Mr. Strauss, who headed a real estate subsidiary that was wholly owned by Gibraltar, paid $17,000 an acre at a time when nearby parcels were finding buyers at more than $30,000 an acre.

     The North Texas economy was booming along with the finance, military and aerospace industries, and this prairie farmland far beyond North Dallas was considered some of the most valuable in the state.

     Gibraltar later financed $150 million in improvements that included two high-quality golf courses, a beach and tennis club, an equestrian center, 13 lakes and more than five miles of hiking and biking trails. In all, the savings institution had approximately $330 million in loans to Stonebridge, according to people in the Dallas real estate industry.

     But Gibraltar’s big dreams for Stonebridge collapsed with the Texas economy in 1986, as oil prices plunged and the staggering oversupply of office space, housing and other developed real estate became apparent. By the time Stonebridge offered its first homes for sale in 1988, Gibraltar was nearly insolvent.

A Deal With Perelman

     Federal regulators seized Gibraltar Savings and First Texas Savings in the waning hours of 1988, and sold them along with three other institutions as one new institution to a group headed by Ronald O. Perelman, the chairman of Revlon Inc.

     The Perelman group paid $315 million to the Government for the new institution, First Gibraltar Savings. First Gibraltar, with $12 billion in deposits, is now the largest savings institution in Texas.

     The Government estimated the net worth of the institutions combined to create First Gibraltar at a negative $866 million, with most of the losses recorded from troubled loans at Gibraltar Savings and First Texas Savings. That figure would include the loss estimates from the more than $300 million in loans to Stonebridge Ranch. The total cost to taxpayers of the First Gibraltar rescue has been estimated at $5.1 billion over 10 years.

     The Perelman group never played a role at Stonebridge Ranch. Control over the Gibraltar subsidiary that owned the project, the Ranch Development Company, was transferred by regulators to the Federal Savings and Loan Insurance Corporation.

     When Congress ordered the disolution of that agency last year, Stonebridge Ranch and thousands of other properties acquired from insolvent savings institutions were transferred to the Federal Deposit Insurance Corporation. That agency managed the sale of such seized properties until the Resolution Trust Corporation was created last August.

Arrangement Is Criticized

     After Gibraltar’s demise, the Government retained Richard Strauss as manager at Stonebridge Ranch. Henry S. Gonzalez, Democrat of Texas and chairman of the House Banking Committee, last year criticized what he termed Mr. Strauss’s ”sweetheart” contract to manage Stonebridge.

      That and other public criticism appeared to have persuaded regulators not to accept Mr. Strauss’s offer to buy Stonebridge last year. M. Danny Wall, who was then the chairman of the Federal Home Loan Bank Board, had reached a tentative deal for the Government to sell the property to Mr. Strauss last June. In September, Mr. Strauss withdrew the bid.

     Mr. Strauss’s company was dropped as manager of Stonebridge in March, when regulators put the Ranch Development Company into a reorganization under Chapter 11 of the Federal Bankruptcy Code. The Club Corporation of America, the largest manager of golf, tennis and dining clubs in the nation, has operated Stonebridge for the last three months.

     For his part, Mr. Strauss says he remains an active developer in Texas. According to business associates, his life style and spending habits have not changed noticeably because of the financial reverses of Stonebridge and Gibraltar Savings.

 

For some Great Information on  Land Speculations and Swindles   SEE HOW  It’s been done in Australia since the early 1800s

FAST MONEY AND FRAUD – The New York Times

Apr 23, 1989 – … land-investment scam engineered by a small network of savings institutions … The 14,000 or so commercial banks were generally solvent, but the 3,000 or … Since the late 1970’s, state-chartered savings and loan institutions in Texas … The title to the land would pass from Faulkner to Toler, often through …

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It Should be noted the KEATING 5  ole John McCains  PALS had dozens of  PAPER LAND DEVELOPMENTS on the  S&Ls and BANKS  Portfolios that simply did NOT  Exist

In Texas ‘colonias,’ third-world conditions are the norm …

When you have an unrecorded contract for a deed, the level of informality is so severe that you basically have no government protection or legal recourse. There’s nothing that says you own the house. They’re pushing unrecorded deeds. They don’t even need to provide a clean title.

A  Nearly Identical Scheme to the INFAMOUS   Lee  Farkas and the Taylor Bean and Whitaker  SCAM in Florida, Georgia and Alabama

conroe

Colonias in Texas: Third-world conditions, slowly …

https://http://www.houstonchronicle.com/…/Texas-colonias-6389187.php

Since 2006, about 100 colonias have moved out from being categorized as “red,” which have the worst conditions. Definitely many more colonias have access to potable water, legal plats and drainage. There’s still a lot of work to be done and a significant number of …

BUY NOW AND CRY LATER | Vault – Sports Illustrated

Jul 23, 1973 – BUY NOW AND CRY LATER … There is so much fraud rampant that Vince Conboy, a real estate broker in Naples, Fla. and a crusader against …

You’ve visited this page 2 times. Last visit: 2/24/19

The Bridle Path mansion, the missing millions, and the investigation …

Hidden America: Life in the Colonias Photos – ABC News

https://abcnews.go.com/US/photos/hidden-america-life-colonias-16205851

Janie Zapata, 8, at her home in Donna, Texas, outside McAllen in the Rio Grande Valley near the U.S.-Mexico border, April 9, 2012. Roughly 500,000 Texans live in “colonias,” or neighborhoods, along the state’s 1,248 mile border with Mexico. About 100,000 of them are children.

 

The BUSH FAMILY’s   SCAMMING   Wilmington Trust and the  BB&T  Caught up in the  LEE  FARKAS  SHUFFLE

What is truly amazing is very simple …. When I began to BLOW THE WHISTLE on the  Texas Land Scammers  and Bank / S&L Looters …..  Federal and Texas Law Enforcement Agencies  ATTACKED  ME ….    JBW

The  FACTS  ARE STUBBORN THINGS 

The  Largest Lootings in Human History

Secret bank records shine light on 1920s boom and bust – News …

Jan 27, 2008 – The real estate market decline and the subprime mortgage … estate, as well as during thesavings and loan debacle in the 1980s. … 1920s land boom, showing that fraud and insider abuse by bankers and developers ruled the market. … But in claiming that the bankers “looted” the banks for personal gain, …

[PDF]fraud and politics in the savings and loan crisis – NCJRS

The savings and loan crisis of the 1980s was one of the worst financial disasters of the … 4 Corporate takeovers, currency trading, loan swaps, land speculation …… perfect crimes available to insiders who wish to loot their banks.” For example …… 27 The scam went like this: Renda placed large brokered de- posits in a thrift, …

 

White-Collar Crime in the Savings and Loan Scandal – jstor

by HN Pontell – ‎1993 – ‎Cited by 28 – ‎Related articles

Apr 7, 1990 – Committee on Banking, Housing and Urban. Affairs … loan crisis is the capacity and willing- …. Robbery: The Collapse of the Savings and Loan … scams involving insiders, borrowers, ….land, Geis, Farberman, and Hagan,.

Crime, Justice, and the Savings and Loan Crisis – Jstor

by FE Zimring – ‎1993 – ‎Cited by 31 – ‎Related articles

The savings and loan (S&L) crisis of the 1980s and 1 most significant …. Home Loan Bank Board’s earlier estimate of $31 billion (U.S. Congress. 1988, p.

Earlier Savings and Loan financial frauds upon the American public …

Aug 29, 2014 – Protected Insiders Looting Savings and Loans … The Oklahoma City financial institution, Penn Square Bank, failed in 1982 … A typical example of the fraud associated with land flips was a tract of … To generate the hundreds of millions of dollars to fund these scams, the parties operating savings and loans …

 

Charles Keating dies at 90; thrift owner accused of bilking investors

Apr 1, 2014 – Charles Keating, Lincoln Savings & Loan, dies. … regulators in what at the time was the nation’s costliest bank collapse, has died. … of Lincoln Savings & Loan customers and looting the thrift, whose failure cost the government $3.1 billion. … He and other S&L barons poured billions of dollars intoland …

Lots Were Part of Arizona Scandal

  Question: At least 30 years ago my grandfather bought a lot in a subdivision called Cochise College Park in southeastern Arizona.  I think that he paid $5,000 cash for this lot.  Anyhow, my grandfather passed away several years ago and my mother recently passed away.  The bill for the property taxes is only a few dollars a year and we have always paid the property taxes.  Is it worth the cost to probate this lot?  Is the lot even worth anything?

  Answer: Unfortunately, the lot may not be worth enough to even continue paying the property taxes.  The reason is that lots sold in the Cochise College Park subdivision generally had no roads and no utilities such as water, electricity, and phone.  You should contact a probate lawyer and an appraiser in southeastern Arizona who should have some experience with lots that were sold in the Cochise College Park subdivision years ago.  If the lot purchased by your grandfather has any value, your grandfather’s heirs could acquire title to the lot.

By way of history, in the 1970s an individual named Ned Warren developed numerous subdivisions in Arizona, including subdivisions still basically worthless today like Cochise College Park, but also subdivisions which ultimately became very valuable like Prescott Valley (in the 1970s Prescott Valley was primarily populated by a herd of antelope!).  There was no regulation of subdivisions in Arizona in those days.   Mr. Warren, who became known as the “Godfather of Arizona Land Fraud,” should also be known as the “Godfather of Subdivision Regulation,” because he is the primary reason that today there is regulation of subdivisions in Arizona.  Mr. Warren advertised these worthless subdivisions, allegedly “within shouting distance of the Grand Canyon,” in magazines such as Reader’s Digest all over the United States and in Europe.  Mr. Warren was convicted of extortion relating to land fraud.  On the day before his CPA was scheduled to testify at Mr. Warren’s trial, his CPA was murdered in a parking garage on Central Avenue in Phoenix.  (This murder was never solved, but was believed to be committed by two mobsters from Detroit or Chicago.)

For those who long for the good old days, at the same time that Mr. Warren was the Godfather of Arizona Land Fraud, the Commissioner of the Arizona Department of Real Estate was allegedly murdered after being accused of corruption with Mr. Warren (plus accused of selling real estate broker’s licenses for $500 without requiring attendance at classes, or even a test!); and the Arizona Republic investigative reporter Don Bolles was fatally injured when his car was bombed as a reprisal for his expose of land fraud activities (whose murder has never been solved).

hocus-pocus

Paul George, a Miami-Dade College history professor who specializes in South Florida, noted that the region’s reputation as a haven for schemers dates to the land speculation boom of the 1920s, when alligator-infested swampland was marketed to Northerners as a slice of tropical paradise. Today, with the area such a melting pot, it’s no wonder South Florida is also a cauldron of creative crime, he said.

colonias-in-texas-300x292

The  DIRTY  BOOT SCOOT SHUFFLE ….  Land  Swindling  TEXAS STYLE

 

 

westgate02

BUY NOW AND CRY LATER   JULY 23, 1973

STEP RIGHT UP, FOLKS. HURRY, HURRY. GET SOME LAND AND BUILD YOUR DREAM HOUSE FOR THOSE DECLINING YEARS: GOLF IN YOUR BACKYARD, TENNIS TWO BLOCKS AWAY, WATER ALL AROUND, AND FISH—SUCKERS—EVERYWHERE

     The case of Mrs. Gomer Jones, widow of the Oklahoma athletic director and football coach, is simple and instructive for potential buyers of vacation homesites. When Mrs. Jones went to see the New Mexico lots that her husband had bought for retirement, she broke down and cried and subsequently gave her lots away.

There are an estimated 10,000 developers in the vacation home business in the U.S. Some have projects that are well conceived both financially and environmentally. But unfortunately, there are too many projects that are bad on either one count or the other or both. Indeed, the vacation home business, especially undeveloped lot sales, is rife with deceptive practices, and state and federal agencies have their hands full running down complaints from the victimized. There is so much fraud rampant that Vince Conboy, a real estate broker in Naples, Fla. and a crusader against the bunco artists roaming his state, says, “It’s the single biggest swindle in the country.”

George K. Bernstein, who recently took over and shook up the Office of Interstate Land Sales Registration in the U.S. Department of Housing and Urban Development, says of the industry, “Though there are many reputable developers who have every intention of performing their promises, there are those who are not reputable. We are dealing with salesmen—across the board, even among the reputable companies—who promise you the world and who are working on a commission, and thus have an incentive to sell and lie through their teeth.”

For all the warnings by responsible public officials, it is almost impossible for any American with a postal address or a telephone to escape the hard-sell salesmen. Slick brochures bursting with color photographs of the great outdoors pour through the mail, and the phone rings with unsolicited calls about your chance for a second home in the wilderness—that retreat by the lake, your own beach on the sea. There are all sorts of come-ons, ranging from free plastic dishes to a free dinner at a local restaurant. The gullible who accept are met by an army of salesmen who wear bell-bottom trousers and have more teeth than Bert Parks. They pin a card on your lapel proclaiming you “Mr. V.I.P.,” and within two minutes they are calling you by your first name. The pitch varies, but essentially it has the same opener. After dinner a movie is shown about the paradise you can buy. Both the film and the salesmen emphasize that Sleazy Acres is “totally planned,” down to the new lake stuffed with bass built along the lines of Chicago aldermen. If the project is in Florida, anywhere in Florida, it is always “near Disney World.” Wherever the locale, there almost always are swimming, water skiing (and maybe skiing, too), sauna baths, a yacht club, horseback riding, sailing, golf and, if you’re lucky, a kiddie zoo! You can’t miss. The salesmen have an assortment of lines. “Why I’m buying here myself just as an investment.” “Sail into coves no one else knows about.” “Go out in the early morning, breathe deeply and catch a whiff of the American dream.” In too many cases the dream turns out to be a nightmare. That desert “ranchette” turns out to be a quarter-acre lot miles from nowhere, and the water only 800 feet away is just that, straight down. The southern hideaway is just that, too; many buyers can never find theirs behind the stands of swamp grass. Resale value is often nil. But then again, you have to have vision, as the salesmen says.

Whenever a land-development scheme is announced, conservationists are usually the first to protest. Aside from any rip-off of the public—and there may be none at all involved—a development might not only put a stress on the environment but become a tax burden. Last year the Northern Environmental Council in Duluth, which takes in a host of organizations from Michigan to the Dakotas, issued a paper noting that “Local and county zoning regulations have, with very few exceptions, shown themselves to be almost useless when dealing with large-scale developments. These mass recreational promotions suddenly create vast new urban communities without adequate local government or public services.” As the study points out, the promoter departs when the lots are sold, and “Left behind is usually a weak landowners association and the same rural township government to deal with mounting demands imposed by hundreds of new homeowners who expect road maintenance, sanitary-waste disposal, fire and police protection, lake and (often) dam management and miscellaneous public services including schools for those who become permanent residents. In fact, a whole new urban community arises overnight, too large and complex for the capabilities of local governments to deal with.”

When the NOREC made a study of a shore development on Lake Superior in Minnesota it reported that 40% of the shore surveyed was “unsuitable for soil absorption sewage disposal systems because the soil is too heavy or underlain with rock to permit percolation. And an additional 27% of Minnesota shoreline…is so permeable that it permits too rapid a percolation rate for complete neutralization of sewage contaminants before reaching the lake water.” In Wisconsin, Senator Gaylord Nelson warned, “With vast areas of the state still un-zoned, and weak controls on the massive new leisure living developments now being planned throughout the state, we are about as well equipped to deal with the recreation revolution as someone planning to shoot spitballs at a tornado. If we don’t act decisively now, in a decade the once pristine environment of northern Wisconsin will be turned into a recreation slum….”

Senator Nelson is working on an amendment to Senator Henry Jackson’s federal land use bill that would make developers prove that their projects are environmentally justified, but the fact is that even where there are laws some developers will do their best to bend them. In New York, for example, it is not just a matter of legislative statute but an actual state constitutional amendment that forest preserve lands in the Catskills and Adirondacks must remain “forever wild.” This constitutional amendment, adopted in 1894 after destructive logging of lands owned by the state since colonial days, has been upheld time after time by the voters. Even so, battles crop up, and there are several fights going on now. In the Catskills, John H. Adams, a former assistant U. S. attorney who is now the executive director of the Natural Resources Defense Council, has personally filed suit, along with Friends of the Earth, the Atlantic chapter of the Sierra Club and the Theodore Gordon Flyfishers, against Rockland Town authorities to prevent Mr. and Mrs. Fred Haas from developing Edgewood Lakes, Inc., a 400-acre property divided into half-acre vacation lots. Adams alleges that the town unlawfully amended zoning to allow the subdivision and, moreover, he charged that sewage from the development would pollute Waneta Lake and the Beaver Kill, which are designated as forever wild areas under the state constitution. The Haases filed a counterclaim against Adams alleging that he was indulging in malicious prosecution and had prompted newspaper articles to appear that caused them financial harm. Decisions in the case may be a year off, but the New York State Department of Environmental Conservation has ruled, as the result of a hearing requested by petition, that although it is not opposed to the project, no sewage effluent could be placed either in Waneta Lake or the Beaver Kill.

In the Adirondacks, the largest wilderness area east of the Mississippi, conservationists have been contesting two proposed mammoth developments. The first of these, dubbed “Ton-Da-Lay” by promoter Louis Papparazzo, would house 20,000 people on 18,500 acres near Tupper Lake. The second, as yet unnamed by the Horizon Corporation, is supposed to be set on 24,000 acres in the northern section of the mountains. Now, however, both projects may come to naught, at least as envisioned in the eyes of the developers. Following the recommendations of the Adirondack Park Agency, the state legislature last May passed a bill imposing strict rules on development of privately owned land, so strict in fact that one conservationist says, “Massive second-home developments in the Adirondacks will be a thing of the past.”

In part, the Horizon Corporation’s announcement of its purchase of land in the Adirondacks prompted the legislative action. In an open letter to New York newspaper editors and state officials, Harvey Mudd II, director of the Central Clearing House, a conservation group in Santa Fe, N.Mex., wrote in June 1972, “The people of New York will get no ‘bargain’ if the Horizon Corporation is allowed to develop the 24 thousand acre property in the Adirondack State Park…. Horizon Corporation controls nearly a quarter of a million acres of land in New Mexico in or near two gigantic parcels known as Paradise Hills and the Rio Communities (Rio del Oro, Rio Grande Estates, Rancho Rio Grande). Their massive sales organization in New York State sells these ‘sure fire investments’ to thousands of New Yorkers every year who are led to believe that they are buying a lot on the edge of a verdant golf course, when in fact they are getting a piece of worthless desert half a dozen miles from the nearest utility tie-up or community services.

“Horizon Corporation sends many thousands of letters urging people to invest successfully in real estate. Horizon Corporation itself is the successful investor. They purchase large tracts of land in New Mexico, the price often under $200 an acre, cover the land with lot grids and sell it to the gullible in small size lots at prices that usually exceed $4,000 an acre…. The real estate section of the Albuquerque Journal is full of Horizon Corporation resales, which are well under the original price paid. The market is glutted with second-sale subdivision lots, and the company is certainly making no repurchases itself.

“…Horizon’s largest holding in New Mexico exceeds 145 thousand acres. As of July 16, 1971 (when the latest Property Report was filed), only 154 homes had been built. In this operation, core unit development, a few houses, a golf course, and a sales office is used as the bait to sell the remote desert land.”

I     n New Mexico, a Nirvana for big-city dwellers, more than one million acres have been scissored into small lots on paper. This land, if built upon, could accommodate more than eight million people, eight times the present state population. New Mexico’s landscape is now tick-tacked with roads bulldozed out of the desert (state law requires developers to provide access to lots), and the dust they raise contributes to air and stream pollution. In essence most of the parcels are ghost lots, peddled to people far away. Often the sales theme is investment. Horizon has advertised, “You can make money here even if you can’t spell Albuquerque.” When various civic, consumer-protection and conservation groups banded together last year to back a bill in the legislature that would have allowed the state to reject new developments that lacked sufficient water supply, they were soundly beaten, even though the legislation was supported by Governor Bruce King and leading newspapers. As State Senator Eddie Barboa argued in debate, “I don’t see why we should spend hours worrying about somebody in New York spending $1,500 or $2,000 on a worthless piece of New Mexico land that doesn’t have water. If they’re that stupid, let them spend it…. I have a friend who is a stewardess with one of the airlines that flies them in and she tells me these people don’t even drink water.”

Many out-of-staters who buy lots are surprised to discover that it can rain heavily in the desert. A South Carolina man who bought a Deming ranchette after reading an ad in the Washington Post later decided to sell. He wrote a realtor in New Mexico, and the realtor replied, “…I am very sorry to inform you that I have been unable to interest anyone in [your property] at any price…. I don’t know if you have seen the lots or not, but all the access roads, as well as the lots themselves, are under water during wet weather…when it is wet not even four-wheel drive vehicles can reach them.”

Land sales in Florida are often an impossible mess. Robert J. Haiman, managing editor of the St. Petersburg Times, which has run a series of exposés, says, “The sale of Florida swampland to unsuspecting Northerners has long been a national joke. But it’s not funny. It’s a national scandal.” With all deference to conservationists, Vince Conboy points out that the state has spent more money to protect alligators than it has to prevent buyers from being devoured by salesmen. Florida is crisscrossed with paper lots that are either under water or unreachable or hold no likely prospect of development for several hundred years, as Conboy makes clear in a book he wrote and published, Exposé, Florida’s Billion Dollar Land Fraud. Conboy is no anarchist slinging mud at the real-estate establishment. He has short hair and belongs to Kiwanis and the Knights of Columbus. Now 70 years of age, he is a native of Wisconsin who moved to Florida 15 years ago as a real-estate broker. In Wisconsin he had worked for the Federal Government as an appraiser, and what he found going on in Florida real estate shocked him into becoming a crusader. When the St. Petersburg Times assigned Staff Writer Elizabeth Whitney to check Conboy’s allegations in Exposé, it found him “virtually unimpeachable on almost every point.” Conboy, who has gotten little help from either state or federal authorities, is particularly outraged by Golden Gate Estates near Naples in Collier County. GAC Properties, formerly the Gulf American Land Corporation, noted in a recent report that it had sold almost all the 113,000 acres in the subdivision. “They paid $100 to $150 an acre and sold it for as much as $1,800 an acre,” Conboy says. “They went in and drained it so there are fires now. In fact, it’s a forest-fire nightmare. The company boasted it would be the largest subdivision in the world, but in all this 113,000 acres there are just three houses after 10 years.”

One of the houses is occupied by Wald and Mary Mitchell from Akron. The Mitchells, who are in their 70s, sank almost $6,000 of their savings into their lot, and rather than lose most of that trying to sell, they decided to build. However, they are so far out in the boondocks that they cannot afford a telephone. The phone company said the house was so remote that it would cost the Mitchells $2,880 to bring in a line. Even if the Mitchells could afford a phone, they would have little time to chat on it since fire fighting is a full-time job. In a two-month period they had to fight off fires on four fronts that threatened to engulf their little home.

Conboy says, “More than $100 million has been invested in that drained swamp by wonderful people. Some might call them suckers or fools for buying lots there, but these buyers were people who had been reared in a trusting way, people who couldn’t believe that human beings could be so low as to steal their life savings.” According to Conboy, Florida has more than two million lots that have little or no resale value even though many were purchased at fancy prices as an investment. When he began making noises about this, a General Development Corp. subsidiary wrote to his wife offering a $2,000 profit on lots she owned in Port Charlotte. Conboy replied that he would be happy to sell if General Development would repurchase all similar lots owned by other buyers for $1,500 each. The company refused.

The hard-sell hucksters peddling second home lots in Florida, New Mexico and other parts of the U.S. are having a feast on U.S. servicemen overseas. The European edition of Stars and Stripes last December devoted three special eight-page news supplements to U.S. land sales companies doing about $30 million a year of business in Europe with GIs. “All companies plead innocence of wrongdoing,” Stars and Stripes said, “but exhaustive research in Europe turned up case after case of misrepresentation and half-truths, sins of omission and commission, advertising exaggerations and high-pressure sales tactics.” Misrepresentation went so far that a salesman told one soldier that Discovery Bay was in Florida and not Mississippi.

Although European Command regulations prohibit land companies from operating on posts, the companies make the regulations a farce by routinely hiring military personnel as salesmen or scouts to find buyers. One master sergeant admitted he had collected $5 for every husband and wife “unit” that he steered to GAC. The former U.S. Army Europe commander-in-chief. General Bruce C. Clarke, has gone to work for Horizon to handle public relations. General Clarke, who last fall invited key military authorities to have lunch with him at various locations in Germany, prepared a mail-order flyer for Horizon entitled, “Why the Military Man Should Acquire Land—by General Bruce C. Clarke, U.S. Army, Retired.” General Clarke was hopeful that authorities would allow salesmen who “qualify” to solicit on posts, but, as Captain David Naugle, chief of the Army’s legal assistance division in Europe, advised Stars and Stripes, the best way to handle land salesmen is to “boot them into the North Sea.”

For all the fraud and misrepresentation going on, relatively few of the swindled realize that they have recourse to a federal agency that has recently started going after the swindlers. The agency is the Office of Interstate Land Sales Registration run by George Bernstein and his deputy, John McDowell, in the Department of Housing and Urban Development. The agency, usually abbreviated as OILSR, came into being in 1968, primarily because Senator Harrison Williams Jr. of New Jersey was angered at seeing the elderly victimized while buying retirement lots. Still, until Bernstein took over the agency had accomplished little and was considered a lap dog of the land-sales industry.

A lawyer by profession, Bernstein is unusual in that he wears two hats; before he took over as OILSR chief, he was, and still is, the Federal Insurance Administrator, a position in which he caused some flap by going after Blue Cross. When he assumed controls at OILSR, he adopted the policy that he has followed to this day. “I publicly called our relationship with the land-sales industry an adversary relationship. They said we should ‘work together.’ My constituency is not the regulated industry but the public.” That is rather a mild statement for Bernstein, who is given to such comments as “This is a bad industry—it’s an industry not used to being regulated,” or “I cut the big red apple and watch the worms crawl out.” An aide has said, “Around here we rate developers from zero to minus 10.”

The law under which Bernstein operates, the Interstate Land Sales Full Disclosure Act, requires developers selling subdivisions of 50 or more unimproved lots less than five acres in size, in interstate commerce, to file a detailed Statement of Record with OILSR. They must also give purchasers a Property Report that contains 19 items taken from the Statement of Record on such matters as the availability of sewer and water service or septic tanks and wells, distances to nearby communities over paved or un-paved roads, the number of homes currently occupied, soil conditions that could cause problems in construction, utility services and other matters. If the developer fails to give the buyer a copy of the Property Report either before or when he buys, the buyer may void the purchase. Moreover, should the developer fail to comply with the Full Disclosure Act in any way or indulge in fraud, the buyer may sue for damages, which are often measured by the purchase price and court costs. In addition, OILSR can seek criminal penalties of up to five years in prison, a fine up to $5,000, or both. Even if a developer is operating only within one state, Bernstein and OILSR can get him if he has used the U.S. mails. There are some drawbacks to the law. For one, if a buyer fails to understand the Property Report and fails to understand or doesn’t read the fine print saying no water is available, he is in tough luck. As they say at OILSR, “The law will light the threshold but not unlock the door.” Then again, as Bernstein puts it, “A developer could be raping the land ecologically, and there’s not a thing we could do as long as there is full disclosure.”

Still, the law can be effective, and to make certain that the public became aware of it and his office, Bernstein and McDowell made a nationwide swing of 17 cities last year to hold public hearings on the law and to listen to the aggrieved. They heard one horror story after another. The company that drew the most complaints was GAC, one of the largest developers. Most of the complaints concerned misleading sales practices and misrepresentation.

Last October Bernstein really stunned the American Land Development Association when he announced that a federal grand jury in Atlanta had returned a 22-count criminal indictment against four individual corporate officers, three corporations and eight land salesmen. One of the corporate officers indicted was Frank A. Carcaise, president of Great Northern Development Corporation and also chairman of the board of the American Land Development Association. Adding salt to the wound, Bernstein said, “If we were looking for a case illustrating all the abuses about which we have been warning the public at our abuses hearings we couldn’t have found a more frightening example.” Among the charges by the grand jury, all of which revolved around a development known as Treasure Lake of Georgia, Inc., were that the defendants had failed to register and file a Statement of Record prior to initial sales and that there was misrepresentation after they finally did; obtained by fraud the signatures of buyers on documents which showed that a Property Report had been received when it had not; showed buyers phony pictures of a lake, a golf course and other recreational improvements in a conspiracy consisting of “devices, schemes and artifices to defraud and establish a practice and course of business which would operate as a fraud and deceit.”

In response to the land swindles and in answer to bad planning, several states—notably Vermont, California and Maine—have recently passed legislation to protect both the buyer and the environment. In California, Boise Cascade recently agreed to a $58.5 million settlement of lawsuits brought against the company for false and misleading sales practices, following a halt last July of recreational land sales. The Sierra Club Bulletin noted, “What sort of enterprise is it where a large, financially responsible corporation, with millions of dollars in assets, thousands of stockholders and a large staff of experts should fall so low while dozens of tacky operations continue to thrive? Boise’s experience confirms what many have known all along—that the recreational land business, dealing in a largely unnecessary product that few people can afford, usually must rely for its success on glib salesmen and naive customers.”

New legislation is pending on the federal level. Congressman Morris K. Udall of Arizona has introduced a bill that would, among other things, prohibit interstate advertising, and Congressman Barry Goldwater Jr. of California is drawing up a bill that would create a Securities and Real Estate Commission patterned on the Securities and Exchange Commission. Such a commission would regulate interstate land sales, not simply administer the Full Disclosure Act.

Yet for all the laws now on the books or aborning, much of the grief involved in land sales could be avoided if potential buyers used common sense. Any buyer interested in land should personally inspect it, carefully read the Property Report, have the land independently appraised and then confer with a lawyer before signing anything. As with any major purchase, but with land especially, let the buyer beware.

 

  1. See Ol “Kat” Woolford at: … saddling the government with the white elephants. … (I knew FDIC Bank Liquidation Specialist Katheryn Woolford To) …

  2. The GANG RAPE of America’s Financial System | Trillions …

    americalooted.wordpress.com/the-gang-rape-of…

    The GANG RAPE of America’s Financial … SEE FDIC WHITE ELEPHANT PROPERTIES AND KATWOOLFORD … the Sunshine State Bank of Miami also included spies, White House …

  3. portland imc – 2003.06.17 – Democratic Party History: a …

    portland.indymedia.org/en/2003/06/266548.shtml

    SEE http://www.geocitie s.com/jurisnot The Great Texas Bank Job IT’s NO JOKE Kat Woolford … for the Liquidation Division … with the white elephants.

     

KAT WOOLFORD and

CATHRYN AUSTIN FITTS They Know

Arizona real estate for sale: For sale by owner: junk real estate

For sale by owner: Junk real estate

Just as Americans have grown used to the idea of junk bonds, a new financial bugaboo looms on the horizon: Junk real estate. Set in desirable communities, many of the properties now being jettisoned by insolvent savings and loan institutions seem to be paradise. But like the 9-acre swath of Long Island beachfront off the Texas Gulf Coast, spectacular vistas rarely live up to a developer’s dreams. Over half of the $400,000 Laguna Madre parcel lies underwater. There is no sewer hookup and no sea wall, and there are high fees to maintain a private bridge that connects the island with Port Isabel on the mainland. “It could all go underwater in a hurricane,” admits a spokesman for La Hacienda Savings Association in San Antonio, which holds the property.

Peddling Texas swampland is just one of the dirty jobs facing the Resolution Trust Corporation (RTC), the U.S. agency that opened shop in early August to administer the coup de grace to sick thrifts. The mop-up has landed federal regulators in the same muck that mired the S&L industry: Thousands of white-elephant properties, most located in markets as soft as quicksand. The collection includes such exotica as a $900,000 equestrian center (reduced from $1.5 million) north of San Antonio, the $25 million StarPass golf-course community in Tucson, a historic bank building in Houston, a boarded-up lumberyard surrounded by wetlands near Tampa, Fla., 77 condominium units on the tip of Long Island, N.Y., and a 55 percent stake in the opulent $200 million Phoenician Resort in Scottsdale, Ariz. All told, RTC officials estimate they now must dispose of close to $16 billion worth of real estate currently on the books of 268 failed thrifts in 33 states.

Fool’s gold. Most of the properties will fetch pennies on the dollar’s worth of book value – if they can be unloaded at all. The 6-acre McCune Mansion in Paradise Valley outside of Phoenix is typical of the RTC’s daunting task. Built in the 1960s by oil tycoon Walker McCune for his young bride, the 53,000-square-foot house boasts numerous kitchens, a ballroom with an $80,000 chandelier, an Olympic-sized swimming pool and ice-skating rink, a theater, a darkroom, its own beauty salon, a 14-car garage and a guest house. Mrs. McCune refused to move in, and the place saw a succession of owners, most recently Gordon Hall, cofounder of the Nautilus fitness company. RTC inherited the property when it took over the bankrupt Southwest Savings & Loan Association earlier this year. “There’s not a great market for 53,000-square-foot houses,” says Jack Lake, the RTC agent charged with finding a buyer.

For the grab bag of less luxurious listings that constitute the bulk of the RTC portfolio – foreclosed homes, motels, shopping malls, office and apartment buildings, industrial parks and vacant land – the market seems even more forbidding. Still, plucky sales agents are rising to the challenge. “The roof dips a tudge on one side, the porch has a hole in it and there are termites,” admits Kat Woolford, who is hawking a $7,500, two-bedroom shack on a third of an acre in Tomball, Tex., north of Houston. “But it’s a cute hideaway.”

The heat is on for the RTC to speed up its fire sale. The agency has three years to gather up all the nation’s ailing S&L’s and seven years to dispose of acquired properties. Ideally, the feds would like to get rid of their sick thrifts as whole entities, bad real-estate investments and all. But most investors are interested only in the best assets, saddling the government with the white elephants. The longer the RTC hangs on to the losers, the higher the taxpayers’ tab, already estimated at $166 billion.

But the disposal process is being hindered by the fact that no one knows how much sour real estate the RTC will have to offer. An initial inventory of properties currently under its wing will not be completed until the end of this month. And that is just the beginning. Leonard Sahling, real-estate analyst for Merrill Lynch in New York, figures the government will wind up with at least a $50 billion portfolio when it actually takes over all the thrifts that now are technically insolvent. Others put the total at $100 billion as more S&L’s go belly up in the years ahead.

Nor can the RTC simply dump its holdings on the market wholesale. “Everything we have is for sale,” says Thomas Horton, the agency’s deputy director, “but everything is not for sale at any price.” The government is barred by law from selling its assets for less than 95 percent of fair market value in the six depressed states of the Southwest – Texas, Oklahoma, Arizona, Arkansas, Colorado and Louisiana – where about two thirds of the property is located. Still, “fair market value” is in the eye of the appraiser; Horton admits that properties that cannot be sold at 5 percent discounts will be “re-evaluated” until buyers are found.

The most promising properties in the RTC’s bag, mainly apartment and office buildings whose rents cover expenses, are sure to be snapped up by insurance companies, pension funds and other “deep pocket” investors. But such quality properties are in the minority. The largest proportion of the government’s holdings consists of vacant land, a tough commodity to peddle in the Southwest and other overbuilt areas.

In taking over Charles Keating’s notorious Lincoln Savings & Loan, the RTC acquired some $1 billion worth of property, including plots for 17 planned communities in Texas, Arizona, Colorado, Florida and Louisiana. One of them is the 20,000-acre Estrella Project in the desert 20 miles southwest of Phoenix. Although Lincoln invested $200 million in preparatory work, only three homesites have been sold. Now the RTC’s agent, Mark Randall, is trying to figure out what to do with the property. “Vacant real estate has not fared well in the Arizona economy,” he observes sadly.

Other parcels may not draw buyers – no matter how attractive the price. “They’ll have to be plowed under to grow soybeans,” predicts Michael Aronstein, president of Comstock Partners, a New York investment firm. But while developers may sniff at many of the government’s offerings, interest is cropping up in some surprising quarters. Conservationists already are picking through the pile of unwanted real estate for wildlife preserves and other ecologically valuable property. The Florida Keys Land & Sea Trust, for instance, paid $1.35 million for Crane Point Hammock, a 63 1/2-acre estate that was going to be turned into a resort before its developers went broke. Now, it is slated to become a nature center.

PHOTO : Museum piece. The Phoenician Resort in

PHOTO : Picture perfect. Houston’s historic Franklin National Bank will appear in “Dark Angel”

PHOTO : Scottsdale, Ariz., comes decorated with millions of dollars’ worth of sculpture

PHOTO : Castle keep. The McCune mansion near Phoenix has a 14-car garage, an ice rink and a ballroom with an $80,000 chandelier</jurisnot@yahoo.com></jurisnot@yahoo.com></jurisnot@yahoo.com></jurisnot@yahoo.com>

Earth Looted By The Money Changers – The Missing Quadrillions …

The Savings and Loans and Banks Exposed in the 1980s Good Golly Whiz Huh · The EMPIRE …. ORGANIZED CRIME, THE CIA AND THE SAVINGS AND LOAN SCANDAL. My Work … Uncle Sam’s GiantBank Looting Land Swindles Click to …

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Behind The Scenes Of Justice? — Rosenzweig: A Man Of Influence

Copyright 1977 Investigative Reporters and Editors. Inc. Distributed by United Press International
Harry Rosenzweig, a former state Republican chairman and a man who in the eyes of many helped Phoenix grow up, has quietly brokered influence behind the scenes in Arizona justice, according to a report in Wednesday’s Indianapolis Star. IRE learned in a fivemonth investigation that Rosenzweig profited in a real estate transaction in which land fraud “godfather” Ned Warren Sr., was hidden in the background, the story in the Star’s early editions also said. Over nearly 20 years, Rosenzweig, 69, state GOP chairman from 1965-1972, has influenced the appointments of judges at the state and local levels, naming of county attorneys (prosecutors) and control over their offices and investigations through clout with budgetwriting authorities. The Roserlz’veig imprimatur was a virtual neccessity in Arizona for those seeking city, county, state and federal office during Republican administrations. One lawyer, who wanted to become an assistant United States Attorney, told IRE that he made his first bid for the job to Rosenzweig at his jewelry store. “That was the way it was done,” he said with a shrug. Rosenzweig’s task was not without its rewards. For a time, for example, he carried two highly valuable “pocket” liquor licenses, issued by the state liquor commission, that he could place in any premises he wished. And when the liquor commission was taken to task for not putting out to bid the purchase of six expensive pairs of binoculars bought from Rosenzweig’s store, a commission official replied: “Well, if they’re from Rosenweig’s, we know they are good.” Rozenzweig’s sphere of influence was most important in the Maricopa County (Phoenix) attorney’s office whose record of investigating Warren’s myriad sales rackets was marked until recently by invariable failure. The Warren-Rosenzweig relationship is clouded in contradictions. Warren, who has a reputation as the sharpest swindler ever to cross the desert, said he has met Rosenzweig on numerous occasions and has made political contributions (never more than $10(1) solicited by Rosenzweig. But Rosenzweig says he has met Warren just once and has never knowingly been in any business deal with him. The origins of their introduction are also obscured by various accounts. (One report has Rosenzweig as one of Warren’s initial contacts in Arizona), but all accounts agree that it was in the early 19605. A land transaction in which Rosenzweig and his brother. Newton, profited involved a real estate tract just outside of Phoenix known as the Rose Garden and five corporations. • Purchased in 1955 for $l,OOO an acre with the expectation the land would grow in value as the city of

Phoenix moved closer, the property became something of a problem when Phoenix expansion bypassed it. Various efforts to sell fell through. The owner of 17 per cent of Rose Garden was David Rich, who had helped to bankroll Warren and was in the process of selling another company, Advance Realty, to him. Documents obtained by IRK show that Warren and Ed Lazar, a Warren associate murdered gangland style in 1975, were involved in Advance Realty’s management in 1972. This was the background in 1972-73 w hen Fuqua decided to buy about 40 per cent of the Rose Garden property for $5,050 an acre. Advance Realty received about $107,000 as a real estate fee in the deal and the Rosenzweigs netted $173,000. The first sale stimulated the sale of the remainder of the land in which the Rosenzweigs netted about $215,000. Thus, the always clever Warren was using someone else’s money to benefit his old pal Rich and also the Rosenzweigs. These sales came after Rosenzweig says he lost $lO,OOO through another Warrenrelated company even though stock held by his relatives was sold for an undisclosed profit one day before the company collapsed. Rosenzweig, his wife. Arlene, and her mother, Malfada McCauley, had purchased the stock in Educational Computer Systems Inc. (ECS), which was formed in 1968 to research, develop and market a new test-scoring machine for schools. None of the machines was sold. Rosenzweig was a promoter and director. But ECS could not sell stock publicly. A company that could and which Warren was behind was Great Southwest Land and Cattle Co., which later was shown to have bilked land buyers of an estimated $5 million. In February 1971, Great Southwest bought 1.7 million shares of ECS, a majority interest. Rosenzweig said the ECS board was not involved in the transaction. Donald Singer, president, handled the switchover, Rosenzweig contended. Warren told IRE he had discussed the take‘over with Rosenzweig, a statement denied by Rosenzweig. Soon afterwards, however, both companies ran into financial trouble. On April 7, 1972, Great Southwest closed its doors. On April 10, the Arizona Republic revealed t h at Great Southwest’s president had fled the country. Former Great Southwest collection manager Richard Petersen told police he saw a file bearing Rosenzweig’s name in the office on the day the firm shut down. The file has never been found. Rosenzweig said he had no interest in Great Southwest. On April 24, ECS filed for bankruptcy and its stock became virtually worthless. On April 23, however, a transfer notice appeared covering 6,000 shares of ECS stock at $12.50 a share. Records show the transfer was handled through First Security Transfer Co, of Phoenix to Bache & Co. of New York. The certificates showed 1.000 of the shares were Mrs. Rosenzweig’s and her mother’s.

Bache & Co. officials said they do not know what the fate of the stock was. Rosenzweig said he took a $lO,OOO loss himself on his ECS investment hut would not discuss his relatives’ transactions. He called it his wife’s “sole and independent business.” First Security the official transfer agent chosen by Educational Computer Systems was operated by William Gilbert London, also

known as William Luzzo. Law enforcement sources said he has had documented dealings with Frank (The Bomp) Bompensiero, a (’osa Nostra boss murdered last month in California. Warren told IRE he knew London had a questionable background but was unaware London’s company had been used to dump the ECS stock. Warren also figured in a land scheme in which Sen. Barry Goldwater signed a

letter in 1971 lending senatorial respectability to an Arizona land sales scheme aimed at U.S. servicemen overseas. The company selling the land, Capital Management System, had sales agreements with Warren.

Land it offered for sale included arid, uninhabitable property studded with cliffs. Goldwater’s letter endorsing the sales was dated Aug 19, 1971, Confronted later, he was vague as to why he had written it.

HOW  DID THE  CLINTONS DO IT ?

FIGURE IN LAND FRAUD TO TESTIFY – The New York Times

Oct 28, 1983 – The former president of a defunct Utah finance company has … described the scheme as the largest land fraud in American history and said …

The president of a defunct Utah savings and loan… – UPI Archives

Oct 27, 1983 – The president of a defunct Utah savings and loan has pleaded guilty to … in what the government calls the biggest land fraud in history and will.

Bank officers charged with racketeering, fraud – UPI Archives – UPI.com

Apr 16, 1992 – Bank officers charged with racketeeringfraud … charges that they used their jobs and inside knowledge to profit illegally on real estate deals.

UTAHN GETS 20-YEAR SENTENCE IN COLLAPSE OF 2 S&LS …

Feb 7, 1993 – Jensen, of North Ogden, was convicted on 18 counts of banking fraud and related charges. … to pay $23 million in restitution to victims of a 1980s Texas landfraud scheme. … of conspiracy to commit bank fraud, wire fraud, racketeering, misapplication of bank … Utah June 21, 2018 Quiz: Only inUtah trivia.

18 Indicted in Arizona Land Fraud Costing 10,000 Victims $40 Million …

Sep 15, 1976 – (AP) —A Federal grand jury today indicted 18 persons and five corporations in the Cochise College Park land fraud and securities swindle that …

Vision, audacity – and land fraud – helped Chandler build Valley …

Oct 1, 2017 – This was outright land fraud, Crago says, because investors lied to the federal … Despite Chandler’s success with the new canal system, he and other … In 1912, Arizona became the 48th state, Phoenix was named the capital and the …. Powered by BLOX Content Management System from TownNews.com.

Land Fraud | Cochise County

Every Arizona county and hundreds of thousands of trusting land purchasers were victimized by the rampant land scams of the 1960’s. Artist renditions showed …

Rio Rico and the Great Arizona Land Rush – jstor

by TE Sheridan – ‎2006 – ‎Cited by 1 – ‎Related articles

to increase the flow of capital and spread it more evenly across their populations. One way to do … suburbs with puny mass-transit systems and mobile populations that …. fronts set up by Ned Warren, the godfather of Arizona land fraud, Gulf. American …… Groundwater Management Act in 1980, no state agency ensured that.

[PDF]Investigative Reporters and Editors, Inc., Arizona Project, Records …

investigation: political corruption, narcotics, and land fraud. Some related …. Land fraudArizona, background …. Warren, Ned–Capital Management Systems.

Arizona Republic from Phoenix, Arizona on December 31, 1977 · Page 2

Dec 31, 1977 – 1977 The Arizona Republic Lawyer files bankruptcy petition for land company linked tofraud Ou)TUttLfa’s,ror : S.! … of Capital Management Systems, a Japan-based firm that sold land to servicemen stationed in the Far East.

Arizona Republic from Phoenix, Arizona on January 25, 1977 · Page 33

Jan 25, 1977 – THE ARIZONA REPUBLIC (Section B) Page 1 OX Tuesday, Jan. … from a 5-year-old landdeal between Capital Management Systems, Warren …

Tucson lawyer pleads guilty in $33M fraud case – Arizona Daily Star

tucson.com/…guilty…fraud…/article_7fa696b7-58e3-5d54-8d07-167e17eaa495.html

 

May 25, 2016 – Case also involved “massive fraud” in Tucson, according to Department of Justice. … At the San Diego County Recorder’s Office, they forged real estate lien releases and … “Wealth and privilege will not insulate anyone from aggressive …. Powered by BLOX Content Management System from TownNews.com.

Behind The Scenes Of Justice?— Rosenzweig: A Man Of Influence …

Mar 18, 1977 – … profited in a real estate transaction in which land fraud “godfather” Ned Warren … The Roserlz’veig imprimatur was a virtual neccessity in Arizona for … The company selling the land, Capital Management System, had sales …

From great land scam to mature development – The Verde Independent

Aug 20, 2013 – The story of Ned Warren and the Arizona land fraud shone a spotlight on Arizona. … in place and poor road system under Queen Creek Land & Cattle. …. Growth Capital Corp and Consolidated Mortgage, which sold land in …

New York Times 1983

FIGURE IN LAND FRAUD TO TESTIFY

The former president of a defunct Utah finance company has admitted playing a role in luring European investors into a large land fraud scheme and has agreed to testify against two promoters of the scheme.

The man, Edward Vetter, pleaded guilty Wednesday in Federal District Court to one count of fraud in the case, in which Government officials have charged Bernard Whitney, 64 years old, of suburban Manhattan Beach and Rienk Kamer, 40, of the Netherlands with 57 counts of fraud and conspiracy.

Henry H. Rossbacher, an Assistant United States Attorney, estimated that investors, primarily in the Netherlands, had been swindled out of more than $100 million. When the arrests of Mr. Whitney and Mr. Kamer were announced two weeks ago, the Government described the scheme as the largest land fraud in American history and said losses could reach $2 billion.

Company Bought a Mountain

Mr. Vetter, 48, of Salt Lake City, told Judge Richard A. Gadbois Jr. that his company, Murray First Financial Thrift and Loan, ran into financial trouble in 1977 after it acquired Mayflower Mountain near Park City, Utah.

Murray First, a finance company with depositors rather than a savings institution, planned to finance a ski resort on the site, but Mr. Vetter later abandoned it as too costly. He subsequently sold the property to Mr. Whitney and Mr. Kamer for $5 million. Through their company, the American Land Program, they resold it to Dutch investors as a tax shelter for a total of $15 million.

Mr. Vetter said he had promised investors in writing that Murray First would lend enough money to the investors to build the ski resort. The transaction was never completed, however. Mr. Vetter said he had made other promises of large financing to European investors on other American Land Program projects.

Later, he said, when investors grew suspicious and wanted to take over construction, he mailed telegrams warning that Murray First would refuse additional loans if Mr. Whitney and Mr. Kamer did not continue as American Land’s top executives.

Swampland in Florida – Wikipedia

Jump to Florida swampland scams – In the 1960s and 1970s, scammers used nationwide advertising to lure victims to buy Florida real estate …

Florida Attorney General – How to Protect Yourself: Land Sales Scams

myfloridalegal.com/pages.nsf/…/9ead0c497f23716e85256cc9005c488c!opendocume…

 

How to Protect Yourself: Land Sales Scams. Source: Florida Attorney General’s Office. Owning land is part of the American dream. Many consumers think that …

In Florida, the Pitch Is High and Hard | Robert Caro

Almost 400 separate subdivisions of Florida land are now being sold to …. Anyone who looks to the law for protection from land fraud will find that he’d be better …

The Boomtown That Shouldn’t Exist – POLITICO Magazine

Oct 20, 2017 – Cape Coral, Florida, was built on total lies. … paradise on layaway, promoting one of the most notorious land scams in Florida’s scammy history.

Fraud Alert: Types of Real Estate Fraud and How To Avoid Them …

Aug 10, 2016 – The real estate industry is no exception. Real estate scams can be devastating to their victims, the consequences ranging from bankruptcy and …

South Florida is the organized fraud capital of America – New York Post

Jul 29, 2015 – South Florida is the organized fraud capital of America … sunny South Florida has been virtually synonymous with shady deals and scams. … as a haven for schemers dates to the landspeculation boom of the 1920s, when …

Florida swindlers’ $77 million cow pasture | Miami Herald

May 26, 2012 – Now, with the Wolfs already indicted in a land scandal in Florida, federal … But investors say state regulators have already found enough fraud …

Dirt Dealing America … Looting Trillions 101 | Trillions Looted …

Apr 14, 2016 – Real-Estate Scams Uncovered — Bankers Call It `Texas Land Flip’. AP. PORTLAND – A … …. FLORIDA LAND SWINDLES · scandal | The …

8 Major Scams in Real Estate – What You Need To Look Out For …

Dec 5, 2015 – Real estate is a major industry that is susceptible to scams just like any other industry … Imagine an unused, empty lot of land that is in Florida.

Planning in the Wake of Florida Land Scams

by HB Stroud – ‎Cited by 8 – ‎Related articles

Planning in the Wake of Florida Land Scams. by Hubert B. Stroud, Professor of Geography, Arkansas State University P.O. Box 2410, State University, AR 72467.

Beware of the “SUBPRIME” Gangster Bankster “TOXIC ZOMBIE …

Sep 28, 2016 – Unrecorded Ghost Illegal Subdivisions …. Flipping, Subprime, Toxic Zombie, Ghost,Phantom, Red Flag, Wildcat, Robo Signing, Securitized, Fake Paper, … Zombie Failed Toxic SubprimeLand Swindles and Bank Frauds …

VANISHING of TRILLIONS – American Style … Down the Rabbit Hole …

The Land Speculation and Bank Looting Frauds of Texas are even MORE … ….. CLINTON STYLE UNSAFEUNLAWFUL FAILED GHOST Land Swindles … …… GhostPhantom, Red Flag, Wildcat, Robo Signing, Securitized, Fake Paper, Liars …

The Greatest Texas Bank Job …… The Paper Con Job …

https://toxiczombiedevelopments.wordpress.com/the-greatest-texas-bank-job-the-pape&#8230;

Savings and Loan Scandal Land Swindles Bank Lootings Financial Fraud – Bing …. Paper Phantom Illegal Subdivisions · Unrecorded Ghost Illegal Subdivisions …. WildcatIllegal, NON BORDER, Toxic Zombie LAND SCHEMEING and BANK …

 

Author’s Note

The  Simple Fact is VERY SIMPLE …. I’ve been correct the  ENTIRE TIME  

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