Jeremiah Yancy appears to have used his ministerial trusting relationships for personal gain. He has lived in the Boise, Idaho area, Tucson, Arizona and Colorado Springs, Colorado. He has been called a con-man who has convinced trusting church families and friends with high FICO scores to invest in his Ponzi-type scams. It has been reported that he convinced them to take out large lines of credit or invest their own personal savings to "invest" in different investment opportunities. These investment opportunities included, but were not limited to real estate, also selling Corporate Fundings and luxury auto loans.
In the state of Idaho complaint, the Department of Finance alleged that Yancy engaged in an extensive series of frauds that resulted in significant investor and consumer losses. He used his influence and connections as a lay pastor in a local church to gain the trust of fellow members and other Idaho residents. Yancy leveraged this trust to his own personal advantage. It was further alleged that he would use investor money to purchase properties, build "skinny houses" and sell them for a profit. He told some investors they could make up to a 100-percent return. While he did purchase some properties, he failed to follow through on promised improvements and used some investor funds to pay his own personal expenses.
When the real estate investments failed, he started to solicit friends, fellow church members and previous investors to invest with him in a foreign currency program. He was not properly registered to engage in foreign currency trading as required by the Idaho Commodity Code. The Idaho investors who participated in his foreign currency trading program have not received a return of their investment or any profit.
Jeremiah Yancy has had a default judgment placed on him for violating provisions of the Idaho Uniform Securities Act, the Idaho Commodity Code and the Idaho Residential Mortgage Practices Act between 2006 and 2009. He was ordered to pay more than $600,000 in restitution and more than $450,000 in penalties.
We must be vigilant against fraud, recognizing its signs and taking proactive, definite, and realistic steps to not only prevent it but also punish it.
It starts with me.
It starts with you.
It starts with us…
You are all encouraged to report any suspected mortgage fraud activity to authorities.
Michael S. Richardson
Director/Mortgage Fraud Services
Author of "An American Epidemic, Mortgage Fraud a Serious Business"