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July 31, 2010

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Idaho Residential Real Estate Lawyers

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Real Estate Related Investment Fraud Alleged Against Canyon County Man

Refunds Sought For Injured Idaho Investors

Boise, Idaho - Gavin Gee, Director of the Idaho Department of Finance, announced the filing of a civil securities lawsuit against Robert Fischer and The Babco Group, LLC. The complaint alleges that Fischer and The Babco Group violated the anti-fraud provisions of Idaho’s securities laws. The State’s suit seeks a Court Order permanently enjoining the defendants from further violations of the Idaho Uniform Securities Act, placing restrictions on their future business activities and imposing civil penalties.

The Department’s complaint alleges that the defendants offered and sold securities in the form of investment contracts represented as paying an annual return of 15%. According to the complaint, the defendants represented to investors that their investment proceeds would be used to purchase residential real estate and that the investors would be repaid when the property was sold. In part, the complaint alleges that Fischer violated the antifraud provisions of the Idaho’s securities laws by:

falsely representing to investors that their investment funds would be used to buy a home that Fischer would improve and sell for a profit ;
falsely representing to investors that they would receive a return of their principal investment plus a 15% profit when the properties were sold; and
failing to disclose to the investors that a portion of their investment proceeds would be used to play Internet poker.

The Department warns that some real estate investments are securities subject to full regulation under the state and federal securities laws, including registration requirements and antifraud rules. Remember: Just because an investment involves real estate – or pay phones or worm farms – it still may be a security, so check with the Idaho Department of Finance before you invest.

The Idaho Department of Finance cautions all investors to investigate before investing.

Contact a Residential Real Estate Lawyer now for a free case review.

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Contact a Residential Real Estate Attorney for the following Idaho cities:

Blackfoot
Boise
Burley
Caldwell
Coeur D Alene
Eagle
Hayden
Idaho Falls
Jerome
Lewiston

Meridian
Moscow
Mountain Home
Nampa
Pocatello
Post Falls
Rexburg
Sandpoint
Twin Falls

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Did You Know?

The garage is not considered in the square footage of a home.
A garage that is attached to the home is not considered part of the home's square footage. Only livable space is considered in the square footage calculation.

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RESPA protects certain types of transactions.

Federally related mortgage loan transactions, such as loans secured by a lien on residential property. This includes: refinances, home purchase loans, lender approved assumptions, equity lines of credit, property improvement loans, and reverse mortgages.

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According to real estate case law, second mortgage tax deduction on undeveloped land is not allowed.

Real estate case law states that you must have begun construction of a building on the land that and occupied within 24 months to submit a tax deduction. Otherwise, the land is an investment and the interest paid on the second mortgage does not qualify.

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