A Grand, Expensive Scheme: House Flipper Pleads Guilty To Fraud – NMP Skip to main content

A Grand, Expensive Scheme: House Flipper Pleads Guilty To Fraud

Sarah Wolak
Jun 17, 2022

A Twin Cities house-flipper pleaded guilty on June 16 to defrauding real estate investors and soliciting more than $3 million.

KEY TAKEAWAYS
  • A Minnesota-based home flipper frauded investors at least $3,197,109.
  • Suzanne Griffiths pleaded guilty on June 16 to one count of wire fraud and one count of money laundering.

Suzanne Griffiths, 46, pleaded guilty to misappropriating more than $3 million of investor funds through her Minnesota-based home flipping business. She pleaded guilty in front of the U.S. District Judge Joan N. Ericksen to one count of wire fraud and one count of money laundering. Her sentencing date has not been determined. 

Griffiths allegedly promised investors various manners of repayment in return for investments, as well as falsified documents and misappropriated investment money for personal use.

According to court documents, Griffiths solicited a $100,000 investment from an investor to finance the renovation of a property in November 2018. After promising to file mortgage documents that would label the investor as an owner of the property, Griffiths failed to do so, resulting in the investor losing the entire investment. 

Griffiths solicited a $70,000 investment from another investor in July of 2020, resulting in the investor losing their money, according to court documents. Griffith also allegedly altered documents, purposely omitted information about the property and gave the potential investor false information regarding their investment. 

The case is the result of an investigation led by IRS – Criminal Investigations and the United States Postal Inspection Service.

Assistant U.S. Attorney Jordan L. Sing is prosecuting the case.

Published
Jun 17, 2022
Lender To Pay Over $1M To Resolve Mortgage Fraud Allegations

Former loan processor will receive $228K for whistleblower role.

Industry News
Jun 24, 2022
FHA Announces Temporary HECM Waivers

Waivers provide relief to borrowers affected by pandemic.

Industry News
Jun 24, 2022
SoftWorks AI Rebrands As True

Company says the new name reflects its ability to deliver faster decisions and reduced risk in lending.

Industry News
Jun 24, 2022
Geneva Financial Opens Seattle Mortgage Branch 

Names Nadia Raknai branch manager.

Industry News
Jun 23, 2022
D.O.J. Settlement: Facebook Agrees To Eliminate Discriminatory Housing Ads

Meta’s housing advertising system discriminates against Facebook users based on their race, color, religion, sex, disability, familial status and national origin.

Industry News
Jun 23, 2022
Mortgage Rates Continue To Rise

Fixed mortgage rates have increased by more than 2 full percentage points since the beginning of the year.

Industry News
Jun 23, 2022