A former San Luis Obispo, Calif., broker faces up to 30 years in prison after pleading guilty to one count of bank fraud for a scheme in which he admitted to buying properties from banks in short sales at below their fair market value and reselling them at a higher price to buyers that, in many cases, he'd already lined up. Prosecutors said Timothy William Barnes, 37, the owner of Apex Properties Real Estate Brokerage Inc., minimized the value of houses that he purchased in documents he submitted to banks, and concealed higher offers he had already received. Barnes allegedly made more than $500,000 in profits on short-sale "flops" in San Luis Obispo, Paso Robles, Pismo Beach and other cities on California's Central Coast. A federal judge is scheduled to hand down Barnes' sentence on ...
Feb 20, 2014 by Teke Wiggin
Sep 26, 2013 by Andrea V. Brambila