Six and a half years in prison. That’s what one Fool got for trying to defraud some lenders out of THEIR money.
Robert Jacobsen got caught while weaving his elaborate scheme and is now paying the consequences. Oh, and giving up the yacht he bought with his ill-gotten goods.
Seems Jacobsen concocted a plan where his company “American Brokers’ Conduit Corporation” got sued by homeowners and claimed that loans originated by a different company “American Brokers’ Conduit” were invalid.
The key to the scam? The homeowners doing the suing … were cohorts of Jacobsen.
The homeowners and Jacobsen’s company would (through their attorneys no less) enter into a “stipulated judgment” whereby the loans – of American Brokers’ Conduit were declared invalid.
The court, not understanding the fine distinction between American Brokers’ Conduit and American Brokers’ Conduit Corporation, signed off on the stipulation. The old loans? Poof. Gone.
As soon as those loans were gone, Jacobsen and his buddies, sold the properties off to unsuspecting others.
The original lender, and the title companies that insured those loans, were not amused.
Check out the DoJ press release here.
Sorry about the yacht.
