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Former Minnesota Real Estate Agent Pleads Guilty to Wire Fraud

A former real estate agent is facing up to 20 years in prison after he pleaded guilty to a federal charge of conspiracy to commit wire fraud in a scheme that garnered more than $743,000.

Ed Detwiler entered his guilty plea on October 1st in U.S. District Court in which he admitted that he created a scheme that involved fraudulently obtaining money between January and March 2007.

Prosecutors said in a statement that Detwiler would purchase properties in Florida that were financed by mortgage loans. He would then receive secret refunds from the sales prices of these properties. The refunds were not disclosed to the lender. He would then wire the money from a Florida account to a Minnesota account.

In Detwiler’s statement, he admitted that he participated in the scheme to defraud the lenders and keep information from them that pertained to the financing and sales of the properties. In the scheme, property buyers received undisclosed kickbacks, as well as the paying and subsidizing of down payments to help the buyers.

The arrest of Detwiler was the result of a search warrant that was executed by the FBI in March 2008. The affidavit that accused Detwiler of the crime said that he inflated property values through sham sales, falsified loan applications and gave kickbacks.

Detwiler’s sentencing hearing has not yet been set, but he does face possible forfeitures, fines, and up to 20 years in prison.

 

 

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