Just when we thought it couldn't get any better, Metro Dream Homes ponzi scheme throws a new twist into the mortgage crises. The specifics are below, but if you just want the "average american worker" rant, it's at the bottom.
Five officers of the Laurel, Maryland based Metro Dream Homes have been accused of defrauding more than 1,000 people out of 70 million dollars in an elaborate ponzi scheme. Homeowners were fooled into pouring money into Metro Dream Homes, with the promise that the revenue would be used to pay off their mortgages. The scheme ran from 2005 to 2007.
The indictment includes Metro Dream Home company founder Andrew Hamilton Williams Jr., financial officer Michael Anthony Hickson, president Isaac Jerome Smith,and vice president Alvita Karen Gunn. All have 48 hours to turn themselves in.
Metro Dream Homes marketed their mortgage programs in luxury hotels in Maryland, Washington, and Beverly Hills. Investors were expected to put up $50,000 with a promise that their mortgages would be paid off in 5 to 7 years. Investors were told that they were investing in ATM machines, and calling card Kiosks, but instead, Metro Dream Homes used the investments to pay salaries in excess of $200,000, maintain luxury cars, staff 10 chauffers, and attend numerous sporting events.
The company operated under numerous names including, Metro Dream Homes, Metropolitan Grapevine LLC and POS Dream Homes.
As if all this wasn't bad enough, Metro Dream Homes also encouraged investors to enroll more than one home. This required an additional $50,000 investment and came with a promise of a seat on the junior board of directors.
So what do you say ladies and gentleman of the United States, are we pissed off enough yet? Mortgages, loans, forclosures, debt, unemployment,taxes...What is it going to take? I know us American's like our SUV's and Television, but it's time to get off our lazy asses and take control of our own lives. Metro Dream Homes is a symptom, not the problem. Have we all forgotten that if it sounds too good to be true than it probably is? We must take responsibility for our own lives. Here's a novel idea..Let's stop whining and start creating our future the way WE want it.
