Utah throws itself back in the national spotlight as its battle to control the real estate fraud epidemic sees prosecution of victims.
United States of America (Press Release) September 30, 2007 --
Salt Lake City, UT / September 27, 2007 / Press Release / -- For the many who have called Utah home, it has always been a place of tranquility and the great outdoors. Utah's mountainous slopes beckon the world's talent for a challenge that brings them back year after year.
But with time comes change and with change comes opportunity. Utah has for the past five years gained momentum as a hot bed for real estate fraud. And although some may point to outside influence as the cause, much of the damage seems to occur from networks deeply imbedded within the state.
So what is law enforcement going to do about it?"
Victims of Utah's housing fraud schemes turn to places like Utah's Division of Real Estate, the Salt Lake City FBI Field Office, and Utah Attorney General's Office for help. All are government resources stretched to budget capacity while lacking adequate resources to stay apprised of new and emerging fraud schemes holding Utah in financial distress.
But two days ago, just as the verdicts were being read in the Warren Jeffs trial another series of events took place that have many believing that public trust in the system has failed. Two men, one of whom is a well known sports anchor for a local television station pleaded guilty in abeyance to communications fraud in a case stemming from housing fraud.
While others involved in the case have yet to be prosecuted, the debate over who is a victim and who is the conspirator rages on.
"The thing that is concerning here is that once consumers realize that they are involved in a fraudulent transaction, they are willing to come forward, this case could change that," says Sheri Fitzpatrick, CEO of the non-profit Perfect Home Living. "That's not to say that all are innocent but most of these people are told what to do by those facilitating the transaction and based off that advice or recommendation the uninformed consumer or family member, complete the transaction believing it to be safe and legal," Fitzpatrick added.
Still the debate over who knew what and when is an argument that the Appeals Courts all over the nation are listening to. But what is perplexing is the state's position of charging uninformed consumers or families as co-conspirators in these types of cases. The sentiment of having consumers come forward and tell their story only to result in their arrest and prosecution further drives the wedge of consumer confidence.
The State of Utah has sent a strong message and for those unaware here it is. Families and individual consumers who rely upon the guidance and expertise of real estate professionals and unlicensed real estate investors during the home buying process where fraud occurs, will be viewed as criminals and prosecuted for consenting to the transaction. The philosophy of caveat emptor (or let the buyer beware) as Utah law interprets it has been taken to a new level.
But with time comes change and with change comes opportunity. Utah has for the past five years gained momentum as a hot bed for real estate fraud. And although some may point to outside influence as the cause, much of the damage seems to occur from networks deeply imbedded within the state.
So what is law enforcement going to do about it?"
Victims of Utah's housing fraud schemes turn to places like Utah's Division of Real Estate, the Salt Lake City FBI Field Office, and Utah Attorney General's Office for help. All are government resources stretched to budget capacity while lacking adequate resources to stay apprised of new and emerging fraud schemes holding Utah in financial distress.
But two days ago, just as the verdicts were being read in the Warren Jeffs trial another series of events took place that have many believing that public trust in the system has failed. Two men, one of whom is a well known sports anchor for a local television station pleaded guilty in abeyance to communications fraud in a case stemming from housing fraud.
While others involved in the case have yet to be prosecuted, the debate over who is a victim and who is the conspirator rages on.
"The thing that is concerning here is that once consumers realize that they are involved in a fraudulent transaction, they are willing to come forward, this case could change that," says Sheri Fitzpatrick, CEO of the non-profit Perfect Home Living. "That's not to say that all are innocent but most of these people are told what to do by those facilitating the transaction and based off that advice or recommendation the uninformed consumer or family member, complete the transaction believing it to be safe and legal," Fitzpatrick added.
Still the debate over who knew what and when is an argument that the Appeals Courts all over the nation are listening to. But what is perplexing is the state's position of charging uninformed consumers or families as co-conspirators in these types of cases. The sentiment of having consumers come forward and tell their story only to result in their arrest and prosecution further drives the wedge of consumer confidence.
The State of Utah has sent a strong message and for those unaware here it is. Families and individual consumers who rely upon the guidance and expertise of real estate professionals and unlicensed real estate investors during the home buying process where fraud occurs, will be viewed as criminals and prosecuted for consenting to the transaction. The philosophy of caveat emptor (or let the buyer beware) as Utah law interprets it has been taken to a new level.
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