Industry News

Real estate loan broker pleads guilty in $2.3 million fraud

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An Ohio mortgage broker pleaded guilty to fraud and other charges Monday as part of an ongoing probe of a more than $2.3 million alleged real estate fraud scheme, according to media reports. Timothy R. Husvar, 32, who operated TR Funding and Priority Rehab, pleaded guilty in U.S. District Court in Cincinnati to fraud and other charges in an ongoing federal probe of real-estate fraud that has netted more than two dozen pleas, reports said. Husvar faces up to 40 years in prison and more than $1 million in fines after pleading guilty to three counts involving conspiracy, bank fraud and tax evasion, the Cincinnati Enquirer reported. Husvar is one of about two dozen area people who have signed plea agreements with federal officials in the investigation of illegal activity in "flipping'' low-priced real estate, the Enquirer reported. Flipping is the practice of buying low-price property in the hopes of selling it quickly for a profit. It is legal but in these cases was accompanied by fr...