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Scheming developer adds to stockpile of vacant housing
A complex real estate scheme has direct connections to vacant houses the area. Today’s RTD profiles the woe of Donald Lacey, whose companies were “to have bought and renovated fixer-uppers using investors’ money” but instead apparently burned through millions of dollars of investor money on vacation homes, boats, and expensive cars.
Check out the video on the RTD site for the story from one investor and a tour inside the vinyl shell of the house at 1320 North 22nd Street:
Richmond businessman Allan Mullian received interest payments every month for about 10 years from his real estate investments. He invested in Richmond-area properties that Donald C. Lacey was to fix up and rent or flip at a profit. […]
He discovered that $140,000 of his investments were secured by a dilapidated house at 1320 N. 22nd St. in Richmond’s East End. Other investor money was attached to the house as well, which is assessed by the city at $76,500.
And, today months and months later, Don is still walking around with all of his money, boats, houses, and assets, while many others that he ripped off have lost everything. HOW LONG DOES IT TAKE TO ARREST A CRIMINAL????
I wonder how Mr. Mullian is doing?
http://richmondslumlordwatch.wordpress.com/2009/10/13/vacant-property-registry/
I know in watching the TV and reading the newspaper quite a few people may be out alot of money and some folks probably losing their retirement money. Anyone know where things stand legally from a criminal and civil matter?
Anyone heard of anything new on this situation?
Where do things stand currently with this? Anyone know?