Nets $50 Million National
Settlement
(The following is excerpted from ARELLO® Boundaries, the
newsletter to members of the Association of Real Estate License Law Officials.)
The
North Carolina Real Estate Commission recently joined numerous federal agencies
and the state's Commissioner of Banks in announcing the resolution of an
inter-agency investigation of Beazer Homes, a home building company based in
In a
criminal Bill of Information filed along with a Deferred Prosecution Agreement
resolving the case, the United States Attorney for the Western District of
North Carolina (Charlotte Division) charged the company with engaging in
massive and complicated schemes that included discount point fraud, down
payment assistance fraud, HUD-licensing fraud and mortgage loan stated-income
fraud.
In the
Deferred Prosecution Agreement executed by the United States Attorney and
Beazer, the company agreed to pay up to $50 million dollars in restitution over
several years.
The
announcement of the investigation and resolution of the case included public
statements by officials of the many agencies involved in the investigation
including U.S. Attorney Edward R. Ryan, HUD Secretary Shaun Donovan, the North
Carolina Deputy Commissioner of Banks and
Thoren
said, “The North Carolina Real Estate Commission is committed to the fight
against mortgage fraud. We are pleased that we were able to partner with the
U.S. Attorney's Office in the Western District and each of the other agencies
involved in this complicated and detailed investigation and work together to
bring about a result that includes restitution to so many consumer victims,
both in North Carolina and nationwide.”