A federal court sentenced Eric Omar Jones - a resident of Clinton- to 13 years in confinement. The charges brought against the accused are that of committing bank fraud. Eric had been involved in sending fake statements to banks to get loans. In addition to 13 years in prison, the court also imposed restitution worth $150,000 on Eric Omar Jones.
The Accused Mislead People to Purchase Properties
Eric Omar Jones reportedly had been involved in misleading people to buy properties. Eric’s company, University of Hard Knocks Investments Inc., used credits from customers to buy properties. Customers in return, were made fake promises of getting big profits from the sale of the properties.
Jones stayed in a house owned by one of his clients. He stayed there without paying rent. The house owner had no knowledge about it. He continued to stay there for a while till the owner found out. Jones was convicted after this.
Jones Received $1 million from Financial Institutions
It was found out by the court that Jones received more than a million dollars from financial institutions by providing false statements. It was also found that Jones abused a private trust position by interacting with unsophisticated investors. He deceived the law through false testimony.
Jones had been in the real estate business for over a decade. He used straw purchasers’ credit to buy properties through his firm. The properties were sold to the straw purchasers immediately after that. The purchasers were promised handle repairs, mortgage payments and large profits. However, as found by the court, all promises were fraudulent.
Straw Purchasers gave Testimony at Jones’ Trial
About six straw purchasers gave testimony against Jones. Along with Jones, David Pikul, the closing attorney, had also been involved in the fraud. David Pikul conspired with Jones in making false statements to federal banks.