Reality TV star gets 17 years in prison over $33M real estate fraud

real-estate-fraud
The sentence was handed down by a federal judge in Phoenix.

 

Yomtov Scott Menaged, who was one of the stars of reality television show ‘Property Wars’, has been sentenced to 17 years in prison and ordered to pay $33.6 million in restitution to victims of a real estate investment fraud.

Menaged, 40 of Phoenix, previously pleaded guilty to federal bank fraud, money laundering and identity theft charges.

According to federal investigators, Menaged embezzled money from loans meant for real estate deals and created fake real estate documents to hide the fraud. He used the money for travel, expensive homes and cars, according to prosecutors.

Menaged also was accused of creating fake credit cards in the names of people who had recently died through furniture stores he operated. That ID theft scheme totaled $2 million, according to investigators.

‘Property Wars’ ran on the Discovery Channel and featured Arizona real estate investors buying and selling foreclosed homes.

“Menaged engaged in a multi-year fraud scheme and brazenly stole from his victims their money, their identities, and ultimately their trust,” said Assistant U.S. Attorney Elizabeth Strange. “Today’s lengthy sentence is a fitting punishment for his egregious crimes.”

The IRS and Department of Homeland Security were also part of the investigation and prosecution of the reality television star.

 

Article From:- https://www.bizjournals.com

Recent Articles:-

Trump attorney Cohen is being investigated for possible bank fraud, campaign finance violations, according to a person familiar with the case

Nonprofit works to make victims financially whole

Republican donor kills deal in fraud case by writing 'innocent' in Farsi on plea agreement

Crime Trackers: Caregiver accused of stealing more than $100K from clients

SEC charges Theranos and CEO Elizabeth Holmes with fraud

How to Get Away With Bankruptcy Fraud

'I FEEL LIKE A CRIMINAL' Fraud victim slams Lloyds after having £7,000 stolen from his account but the bank REFUSES to repay him

Negligence case against Deloitte and Touche allowed to proceed rules Dubai courts

Criminal fraud trial puts San Antonio Democrat Uresti’s career on the line

Is a Corner Finally Being Turned in the UK's Fight Against a ‘McMafia’ World?