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Norwood broker charged with buying Dorchester apartment building to fleece lenders
By adamg on Fri, 06/17/2011 - 11:57am
Elizabeth Reed, a real-estate broker in Norwood, was indicted this week on 40 federal counts of wire fraud and 15 counts of money laundering for her role in allegedly flipping an apartment building converted to condos at 135 Neponset Ave.
According to a federal "information" announced today, Reed and others used straw buyers and phony financial information to defraud lenders of nearly $5 million after they bought purchased the building in 2005.
Over the past year, federal prosecutors have won a series of convictions against brokers and lenders for their roles in flipping condos in Dorchester and surrounding areas.
Innocent, etc.
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Comments
Elizabeth Reed?
Hopefully she'll end up in jail, and somebody can write a song about her called "In Memory of Elizabeth Reed". ;-)
Sorry, it's Friday.
Apologies to the Allman Bros.
Not to nitpick Adam
but shouldn't that read "for her alleged role in flipping an apartment building"
After all, it is a fact that the building was "flipped", right?
?
Since when is forging closing docs a part of the "flipping" process? Read the indictment.
Eric Levine.
I recently sold a one bedroom unit to an investor for $51,000 at Neponset Avenue. And I just helped him rent it to a Section 8 tenant for approximately $1,220 per month. Anyhow, Eric Levine, another wonderful human being who is now behind bars for mortgage fraud related activities, got himself attached to this building as the manager and was holding up the banks for ransom. He was allegedly writing false receipts for work that was never done and allegedly renting units to tenants and pocketing the money. What a nightmare! By the way, I wonder if this is the same Elizabeth Reed that worked for Csbot & Company on Newburyport Street?