12:59PM
Head of firm arrested
Friday, April 1, 2005 at 12:59PM
The Lakeland Ledger – March 31, 2005
The head of aLakeland Polk County
Jeanette Dugas, an investigator with the State Attorney’s Office, said in an affidavit that MacDonald,1130 S. Lake Point Drive Lakeland
“In doing so, MacDonald has deprived sellers of their equity in the home and damaged their credit with foreclosures while buyers have been deprived of down payments and payments made towards the purchase of the home,” Dugas wrote.
MacDonald faces charges of scheming to defraud and grand theft, both first-degree felonies. If convicted as charged, he could be sentenced to 30 years in prison. He could not be reached Wednesday for comment.
In one instance, Amy and Kenneth Hash bought a house from MacDonald at 3635 Valley Farms Road inLakeland
Amy Hash told The Ledger her family held onto the house by negotiating directly with the former owners.
“I think we’re one of the lucky ones,” she said. “The only thing it has caused is a lot of stress.”
In the course of a 15-month investigation, the State Attorney’s Office found that MacDonald obtained new financing on the properties through investors or by having the sellers secure loans.
Former employees of Realty Investments told investigators that MacDonald told them which bills to pay. The company sometimes fell three to four months behind on mortgage payments. One employee estimated that Realty Investments received eight to 10 calls per week regarding unpaid mortgages.
Investigators said that during a search of MacDonald’s home they found personal records from 2002 that indicated MacDonald considered closing his business because of financial troubles. Entries from early 2003 showed that MacDonald reconsidered because his lifestyle had improved.
MacDonald recorded the sales documents and deeds for “only a handful” of the property transactions, Dugas said in the affidavit. In most instances, the homes and mortgages remained in the names of the previous owners. Buyers were unaware of mortgages against the properties and that the homes were still titled to the previous owners.
The head of a
Jeanette Dugas, an investigator with the State Attorney’s Office, said in an affidavit that MacDonald,
“In doing so, MacDonald has deprived sellers of their equity in the home and damaged their credit with foreclosures while buyers have been deprived of down payments and payments made towards the purchase of the home,” Dugas wrote.
MacDonald faces charges of scheming to defraud and grand theft, both first-degree felonies. If convicted as charged, he could be sentenced to 30 years in prison. He could not be reached Wednesday for comment.
In one instance, Amy and Kenneth Hash bought a house from MacDonald at 3635 Valley Farms Road in
Amy Hash told The Ledger her family held onto the house by negotiating directly with the former owners.
“I think we’re one of the lucky ones,” she said. “The only thing it has caused is a lot of stress.”
In the course of a 15-month investigation, the State Attorney’s Office found that MacDonald obtained new financing on the properties through investors or by having the sellers secure loans.
Former employees of Realty Investments told investigators that MacDonald told them which bills to pay. The company sometimes fell three to four months behind on mortgage payments. One employee estimated that Realty Investments received eight to 10 calls per week regarding unpaid mortgages.
Investigators said that during a search of MacDonald’s home they found personal records from 2002 that indicated MacDonald considered closing his business because of financial troubles. Entries from early 2003 showed that MacDonald reconsidered because his lifestyle had improved.
MacDonald recorded the sales documents and deeds for “only a handful” of the property transactions, Dugas said in the affidavit. In most instances, the homes and mortgages remained in the names of the previous owners. Buyers were unaware of mortgages against the properties and that the homes were still titled to the previous owners.
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