Over my 30+ years in the legal profession, I have found some of the most dishonest and amoral attorneys to be those who intermix religious posturing with business transactions or who hold positions on church boards and councils yet have the amorality of Gestapo officers. I will not name names in general, but the list is fairly long. One that I will mention is Troy Titus, son of the founding dean of Pat Robertson's Regent University Law School. Titus the younger graduated from Regent Law himself after attending Jerry Falwell's Liberty University as an undergraduate. As his trial on multimillion dollar fraud charges shows, these "Christian" institutions of learning surely did not do too good of job in instill morality in Titus. Here are some highlights from today's Virginian Pilot:*
Federal prosecutors allege that Titus defrauded dozens of clients - including R&B star Teddy Riley and his one-time Blackstreet partner Chauncey Hannibal, both of whom testified - of about $2 million. Titus is charged in a 49-count indictment with conspiracy, mail fraud, bank fraud and money laundering.
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After four weeks of testimony, the jury heard closing arguments Monday and will deliberate today. Prosecutors presented dozens of witnesses, including investors, former office workers and law enforcement agents, who outlined a series of investment frauds involving real estate transactions and trust funds.
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Assistant U.S. Attorney Michael Moore said Titus operated a classic Ponzi scheme. Titus would collect money or property from investors and use the money, or mortgages from the properties, for his own purposes and send small amounts to earlier investors to placate them. But as the scheme grew, Moore said, Titus ran out of money to pay anyone. "He just thought he could find new victims," Moore said.
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Titus, 43, an honors graduate of Liberty University and Regent University School of Law, for years operated what appeared to be a successful law firm and real estate investment program. His real estate program became so profitable that he began writing books, holding seminars and putting out DVDs showing others how to do the same.
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Prosecutors allege that Titus was scamming clients since the day he opened his law firm in 1989. His escrow accounts - bank accounts by law meant to hold money from real estate closings - were consistently running short of money. By 2005, the Virginia State Bar had investigated Titus and forced him to surrender his law license. The bar later revoked it permanently.
Federal prosecutors allege that Titus defrauded dozens of clients - including R&B star Teddy Riley and his one-time Blackstreet partner Chauncey Hannibal, both of whom testified - of about $2 million. Titus is charged in a 49-count indictment with conspiracy, mail fraud, bank fraud and money laundering.
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After four weeks of testimony, the jury heard closing arguments Monday and will deliberate today. Prosecutors presented dozens of witnesses, including investors, former office workers and law enforcement agents, who outlined a series of investment frauds involving real estate transactions and trust funds.
*
Assistant U.S. Attorney Michael Moore said Titus operated a classic Ponzi scheme. Titus would collect money or property from investors and use the money, or mortgages from the properties, for his own purposes and send small amounts to earlier investors to placate them. But as the scheme grew, Moore said, Titus ran out of money to pay anyone. "He just thought he could find new victims," Moore said.
*
Titus, 43, an honors graduate of Liberty University and Regent University School of Law, for years operated what appeared to be a successful law firm and real estate investment program. His real estate program became so profitable that he began writing books, holding seminars and putting out DVDs showing others how to do the same.
*
Prosecutors allege that Titus was scamming clients since the day he opened his law firm in 1989. His escrow accounts - bank accounts by law meant to hold money from real estate closings - were consistently running short of money. By 2005, the Virginia State Bar had investigated Titus and forced him to surrender his law license. The bar later revoked it permanently.
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