It has taken years for justice to prevail, but yesterday a federal jury convicted Troy Titus (at left) - son of the founding dean of Pat Robertson's Regent Law School (Taliban Bob McDonnell's alma mater) - guilty on 33 counts of wire fraud and ponzi scheme that preyed on real estate investors that included the elderly who were seeking to make higher investment returns to support family members in nursing homes. Besides holding a Law degree from Regent Law School, Titus is a graduate of Jerry Falwell's Liberty University. The case was interesting to me because behind the scenes, I have worked as an unofficial expert with the FBI and given what might be described as "Real Estate 101" instructions to both FBI investigators and one all morning session with assistant U.S. attorneys so that they would understand how legitimate transactions should have been closed and documented as opposed to the fraudulent transactions that Titus and accomplices utilized. Here are some highlights from the Virginian Pilot: *
A federal jury on Friday found Troy A. Titus guilty of 33 felony counts of mail and wire fraud, money laundering and conspiracy in what prosecutors said was a $7 million real estate Ponzi scam. Titus, 43, of Virginia Beach, faces a maximum of 20 years in prison on each of the most serious mail and wire fraud charges. His total prison time could add up to hundreds of years. U.S. District Judge Raymond A. Jackson set sentencing for April 15. After a one-month trial and four days of deliberations, the jury returned around 11:30 a.m. Friday, finding Titus guilty of 33 of the 49 counts he faced.
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U.S. Attorney Neil H. MacBride said in a statement that this case show s the determination among federal authorities to tackle complicated financial fraud cases: "Especially in the light of the recent economic crisis, we are even more determined to work together to aggressively fight financial fraud in this district."
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When Titus was arrested, officials pegged the losses at $2 million, but at trial, prosecutors said they had since discovered an additional $5 million in losses for victims. The most egregious allegation against Titus was that he swindled from elderly or incapacitated clients who entrusted him to pay for their basic medical and housing expenses. Some were forced out of their homes as a result.
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Titus obtained mortgages on the properties even though they were already encumbered in debt. He then obtained loans from investors based on his interest in those properties but then stopped paying the mortgages. Banks foreclosed on each property, which Riley and Hannibal did not learn about until much later.
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An honors graduate of Liberty University and Regent University Law School, Titus operated a successful law firm and real estate investment program for many years. 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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U.S. Attorney Neil H. MacBride said in a statement that this case show s the determination among federal authorities to tackle complicated financial fraud cases: "Especially in the light of the recent economic crisis, we are even more determined to work together to aggressively fight financial fraud in this district."
*
When Titus was arrested, officials pegged the losses at $2 million, but at trial, prosecutors said they had since discovered an additional $5 million in losses for victims. The most egregious allegation against Titus was that he swindled from elderly or incapacitated clients who entrusted him to pay for their basic medical and housing expenses. Some were forced out of their homes as a result.
*
Titus obtained mortgages on the properties even though they were already encumbered in debt. He then obtained loans from investors based on his interest in those properties but then stopped paying the mortgages. Banks foreclosed on each property, which Riley and Hannibal did not learn about until much later.
*
An honors graduate of Liberty University and Regent University Law School, Titus operated a successful law firm and real estate investment program for many years. 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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