GEE GOLLY WHIZ Just like all those Land Scammers in CONROE DALLAS HOUSTON AUSTIN SAN ANTONIO and ARKANSAS ….. Time to discuss THE WHITE ELEPHANT LADY ( Katheryn Woolford ) and My Pals from the FinCen and DOJ / FBI
Dear House Intelligence Committee, FinCen, William Barr, Christopher Wray, US Congress Financial Services Committee and PRESIDENT DONALD TRUMP …. Lets Talk Realty Development, Bank Looting and Money Laundering STAY TUNED Adam Schiff and Maxine Waters …. STAY TUNED
I’m sorta thinking the Computer Software and Monitoring of DHLS and the BLUFFDALE CENTER along with the Obamas, Bushs and Clintons even the Trumps may want to EXPLAIN
LETS TALK CAMPEBELLO ISLAND MAPLEWOOD FARMS AND THE COLONIAS AND ILLEGAL SUBDIVISIONS ACROSS AMERICA
Hill Fraud Trial Witnesses Detail Defendant’s Firms articles.mcall.com/1992-01-30/business/…million-bank–fraud-testimony
Seventeen people in Florida, Texas and Great Britain were charged yesterday in federal indictments with a $100 million savings and loan fraud centering on a huge piece of Florida’s coastline and Hill Financial Savings Association, the failed Montgomery County thrift.
Real estate developers, brokers, lawyers and consultants were accused of submitting false financial information to get loans from Hill and a defunct Texas bank to buy 21,000 acres along Florida’s Gulf Coast.
U.S. Attorney Kenneth W. Sukhia called the indictments “one more step in the road back from the savings and loan crisis, which has beset this nation over the last several years.”
The indictment says a group led by developer William Michael Adkinson, formerly of Houston, defrauded Hill and Vision Banc of Kingsville, Texas, to obtain $102 million to buy land in Walton County, east of Pensacola. The developer once planned to build a sprawling vacation resort community at the Florida site.
According to the indictment, Adkinson’s group duped Hill and Vision Banc, formerly known as Kleberg County Savings Association, into paying “many tens of millions of dollars” in fake closing costs. In August 1986, the group paid $50 million in cash for 780 acres and a $132 million note for the rest of the land.
“Dummy corporations” controlled by Adkinson and his associates borrowed $82 million from Hill and $20.4 million from Vision Banc, the indictment said.
The group never made payments on any of the loans. After St. Joe Paper Co., which sold the land, foreclosed on the note and took back most of the property in 1987, Adkinson attempted to sell the land he retained at inflated prices to several purchasers, including Florida. The proposed $47 million sale of more than 600 acres was halted by federal officials in May.
U.S. Attorney Sukhia also said the state has filed a civil lawsuit that seeks to force Adkinson’s group to forfeit 244 acres, which the Florida Attorney General’s offices asserts was obtained by fraud.
Yesterday’s charges came as a result of a three-year investigation by the offices of U.S. Attorneys in Florida, Texas and Philadelphia, along with the Federal Bureau of Investigation and the criminal investigation division of the Internal Revenue Services.
Since 1988, federal authorities have been looking into possible fraud in Hill’s lending, including the loan to Adkinson, one of the biggest of the thrift’s numerous bad loans. During the 1980s, Hill lent tens of millions of dollars to developers in Florida, California, Arizona, Texas and Colorado for projects that never were built. Hill failed in October 1989.
Already this year, two Hill borrowers in Denver and Wyoming have pleaded guilty to submitting false financial statements to obtain loans from Hill.
Gary McGill, a Denver businessman and vice chairman of the board of United Savings Bank in Wyoming, in May became the first person charged in connection with the Hill collapse, pleading guilty to defrauding Hill for a $825,000 loan to buy a Denver mansion. Last week, Mark Perlmutter, the former chief executive of United Savings, admitted to fraudulently obtaining a $2.5 million loan from Hill.
The main defendants involved in the indictments unsealed yesterday are Adkinson; attorney Keith Alan Cox of London, the head of a financial consulting firm; Jacksonville real estate broker Robert Alligood; Houston attorney Robert L. Collins; and Houston developer Ronald Peek. They each face up to 335 years in prison and fines of $10.9 million.
The other defendants could face sentences ranging from 145 to 305 years and fines of up to $9.9 million.
JUST LIKE THE WESTERN BANKS OF HOUSTON IMAGINE THAT
Say WADE REAL ESTATE OZARK REALTY AND MADISON FINANCIAL Dean Couch, Andy Fastow and the Clinton/Bush Foundation
THREE TIMES REALLY REALLY FAST