Indiana University Basketball Announcer Todd Leary Arrested on Real Estate Fraud
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As the real estate markets falter, the scams that came out of the boom are coming to light and are catching some people that you would not expect. The newest one, former Indiana University basketball player and current announcer Todd Leary was arrested.
The charges were that he took title insurance escrow funds totaling 1.3 million dollars. Leary is the more famous person rounded up in this scam. His boss, Joseph Garretson, plead guilty earlier in the week for stealing 2.7 million.
Leary has been relieved of his duties as color commentator for Indiana University basketball.
The charges against Leary include conspiracy to misappropriate real estate title insurance escrow funds, by improperly transferring about $1.3 million to a bank account he controlled. Court documents also say Leary once worked for a title insurance broker who pleaded guilty in a $2.7 million scheme.
Leary played for Indiana University in 1989-94, including its 1992 NCAA Final Four team. He is an analyst for IU’s radio broadcasts. via LATimes
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Leary, 39, of Carmel, is accused of conspiring with Garretson between July 2008 and February 2009 to commit a variety of felonies, including conspiracy to commit conversion or misappropriation of title insurance escrow funds, conspiracy to commit theft and conspiracy to corrupt business influence. The majority of the charges are Class C felonies, with penalties of up to four years in prison each.
Garretson is accused of arranging mortgage refinancing loans for area clients and failing to use the money to pay off the initial loans, causing mortgage holders to default.
Under the terms of Garretson’s plea agreement, he faces no more than 12 years in prison when he is sentenced in April, according to court documents. After Garretson’s arrest last fall, Leary called Evans – a mutual friend – and told Evans he was “a big part of Garretson’s situation,” documents said. via the Journal Gazette
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
Indiana University Basketball Announcer Todd Leary Arrested on Real Estate Fraud
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A Rant on Congress, The President, and Commercial Real Estate
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Can I be blunt. Our government is nuts.
On one hand it is sending signals to the New York Times that they are worried about commercial real estate, yet at the same time they are following a White House that recommends a 1.9 trillion dollar tax increase on businesses and the wealthy and wants to punish banks with an additional tax increase.
Morons.
I understand that they ran on helping the little guy, but let’s face it, the problems we face in commercial real estate are big boy problems. If there is no money to invest in labor, you need smaller offices, and smaller factories, and smaller distribution centers.
And when the government takes more money, there is less to invest in the private sector. Not exactly rockey science.
And when you announce new programs on a monthly basis that will impact the private sector with additional costs and regulations that may or may not pass, the private sector stops taking risks.
Again, not exactly rocket science.
If you in Washington want to experiment, that is fine. The people elected you to your offices and you have that right.
But what you can not do is then not expect consequences from your experiment.
Like the little boy who does the science experiment and makes a mess of his Mom’s kitchen when it blows up, you have to deal with the consequences.
The problem is these folks are running their experiment, making the mess, and then using a credit card to try to pay the folks to clean it up. And the guys who are supposed to clean it up are not going to take a credit card from a 9 year old boy.
So let’s be serious. If you want to worry that the credit markets, commercial real estate markets, and the residential real estate markets start functioning again, you need to change your game.
- Stop printing money and making us worry about devaluation and inflation.
- Stop changing the rules of the game every few few days so we know if we can make any money or not. We make investments to earn money.
- Stop making us look stupid by backing one initiative and then changing it mid game.
- Stop threatening us and making us look like the bad guys when all we are trying to do is keep the system going and feed our families.
Right now we are all on eggshells and we don’t want to play another round of Russian Roullette with your administration.
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
A Rant on Congress, The President, and Commercial Real Estate
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Are you looking for easy money and a low bar?
Then CalPERS, the massive public employee retirement plan in California, may have the gig for you. They are looking for real estate advisor’s to guide there investments.
California Public Employees’ Retirement System(CalPERS) is looking to add real estate advisors to its special projects’ spring-fed pool, IM Weeklyreports. The plan does not have a fixed number of consultants, who will join the spring-fed pool.via emii
But don’t worry, if past results are indicative of future earnings, you can last a few years in this lucrative position if you lose less than 500 million dollars. That is what the previous advisors from Black Rock Inc. lost the pension as they advised them to invest in the Stuyvesant Town and Peter Cooper Village Project with Tishman Speyer Properties and themselves.
Can you do any worse? If you can bring a deal to the table that would lose only 100 million or so you may have a pretty healthy gig on your hands with CalPERS.
The California Public Employees’ Retirement System officially has lost a $500-million stake in the biggest deal ever in the U.S. for a single piece of residential property.
The owners of Stuyvesant Town and Peter Cooper Village, a complex of 56 buildings with 11,000 rental units near the East River in Manhattan, have agreed to turn the property over to creditors after defaulting on $4.4 billion in debt.
CalPERS had committed 26.5% of the partnership led by Tishman Speyer Properties and Black Rock Inc., one of the fund’s real estate investment advisors. “This was one of our investments when the real estate market was peaking during 2005 and 2006,” said Clark McKinley, a CalPERS spokesman. “Performance was negatively affected by the aftershock of the market collapse. via LATimes.com
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
CalPERS Looking For Real Estate Advisors
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Good News: REITs Trading at 20% Premium to Property Values
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With the real estate market struggling to gain a foothold, news that the stock market is pricing Real Estate Investment Trusts (REITs) at a 20% premium to their property values is worth sharing.
While prices have not bottomed out according to experts, the market is nearing a range that there is optimism in the long term outlook and that rents will provide positive cash flow for the REITs.
Most important, REITs have already soared from their lows. The Dow Jones Equity All REIT index, which lost three-quarters of its value from February 2007-March 2009, has doubled since spring. REITs now trade at a 20% premium to the net value of their real estate, estimates Green Street Advisors.
To bulls, that premium is deserved given hopes that commercial-property values will rise as the economy recovers. Feeding that optimism: Publicly traded REITs, unlike many private rivals, have raised debt and equity to strengthen their balance sheets, giving them the cash to buy distressed properties.
Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.
Good News: REITs Trading at 20% Premium to Property Values
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- The Real Estate Bloggers. where it was originally published.
Good News: REITs Trading at 20% Premium to Property Values Related posts:- How Local Governments Will Not Lower Property Taxes When Property Values Drop So your home has lost value but your taxes are...
- Property Values of Farm Real Estate Decline For The First Time Since 1987 As commodity prices rose and demand for land for housing...
- 3.3 Trillion Dollars In Property Values Lost In 2008 You wonder why real estate professionals are starting to have...
- The Real Estate Bloggers. where it was originally published.
Good News: REITs Trading at 20% Premium to Property Values Related posts:- How Local Governments Will Not Lower Property Taxes When Property Values Drop So your home has lost value but your taxes are...
- Property Values of Farm Real Estate Decline For The First Time Since 1987 As commodity prices rose and demand for land for housing...
- 3.3 Trillion Dollars In Property Values Lost In 2008 You wonder why real estate professionals are starting to have...
