Federal flip-fraud case names 6 Sarasotans
Now the Sarasota couple and six of their associates are being dragged into a RICO racketeering suit that alleges they schemed to defraud federally insured lenders by inflating the value of three apartment complexes in Oklahoma and two in South Carolina to boost the amount of loan money they could get.
The suit, filed by Wells Fargo in Oklahoma's Western District Court, claims that the Flessners and their associates conspired to buy apartment buildings for one price and immediately sold them to related companies at much higher prices. That not only covered the purchase price, it also left them with nearly $1.6 million in excess loan proceeds, the suit says.
"In executing the scheme, the defendants employed aliases and deceptive corporate names to conceal the connection between the second-leg flip sellers and buyers," the lawsuit states. "In addition, the defendants submitted to the lenders false and misleading financial statements and loan documentation."
In the end, the companies that borrowed the money defaulted on five loans totaling $12.3 million.
Besides the Flessners, the other Sarasota residents named in the suit are Gary Dowden and Gerald Sterbinsky, two executives who worked for the Flessners; Andrew Rosin, an attorney who drafted documents used to close the allegedly fraudulent deals; and Terry Fine, a real estate broker who introduced the Flessners to agents representing the sellers of apartment complexes in Oklahoma.
Michael Biddinger, an Oklahoma real estate agent and Marcia Chappelear, an Oklahoma title agent, also were named in the suit.
The Flessners, who did return calls left with their former bankruptcy attorney Michael Moran, are representing themselves in the case and have denied they were part of any conspiracy to defraud banks. The same goes for all the other defendants.
If found guilty, they could be held liable for as much as $15.6 million in damages, equal to three times what Wells Fargo is demanding.
What Is Rosin - News
Besides the Flessners, the other Sarasota residents named in the suit are Gary Dowden and Gerald Sterbinsky, two executives who worked for the Flessners; Andrew Rosin, an attorney who drafted documents used to close the allegedly fraudulent deals;
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Do you know what Aurorae's Slip Free Rosin Bag is? It aids in preventing you from slipping on your yoga mat. - 
Question For My Crush - Can I drink you? How did you get so orangey? What is "Glycerol Ester Of Wood Rosin"?
@ @ What is the WAR of a rosin bag? Has to be higher than Uribe, right?
@ so what exactly is rosin made out of?
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