A
rizona Attorney General Kris Mayes has filed a lawsuit against multiple individuals and companies accused of operating an organized real estate scam. The defendants allegedly used deceptive tactics to acquire properties from vulnerable homeowners facing foreclosure at significantly below market value, stripping them of millions in equity.
The scheme involved a network of supposedly legitimate businesses that provided a veneer of legality to the fraud. Mayes claims that title companies and law firms were aware of the scam but continued to participate for financial gain.
Mayes is seeking a judgment that includes a $10,000 civil penalty per instance of consumer fraud. The lawsuit also aims to dissolve the companies used as fronts for the fraud and permanently ban the defendants from making real estate deals in Arizona.
"We will stop you and recover what you stole if you're victimizing homeowners," Mayes said. "If your business is helping these scammers, we'll file suit against you seeking triple the amount you earned from the scam." Arizonans who believe they were targeted by a real estate scam are encouraged to report it online or call 602-542-5763.
