Eric Farrington is but yet another in a long line of get rich quick promoters to wind up on the wrong side of the law. Farrington has a Dallas based wealth building seminar business where he brags that “While homeless himself, Mr. Farrington was able to take $750.00 and purchase a 1000 unit apartment complex.” – Source
So let’s flash forward to 2008. While Mr. Farrington is promoting his get rich seminars the U.S. Attorney is busy indicting him and his friends for bank fraud, wire fraud and money laundering. You can read the entire sealed indictment here.
Well the wheels of justice turned slowly in this case but after a long trial, Mr. Farrington was convicted on 32 counts and will most certainly be facing some jail time when he is sentenced. If you are a client of Farrington you might want to think about contacting Eric Farrington’s Wealth Building Seminars at [email protected] and demand an immediate refund of any money you’ve paid for products or services that have not been delivered.
Farrington was the president of Prestige Capital Corporation, which did business as Farrington Mortgage Group, Farco Consturction, Inc., and EFC Investments, LLC, which also did business as EFC Management Company. Farrington was also the principal of Eric Farrington Seminars, Inc.
Here is the basic gist of the scam. Farrington and his cronies hunted out pre-foreclosure and single family homes in the Dallas area to purchase. They would agree to a sales price with the seller and then create surplus loan proceeds by inflating the selling price of the residence to an arbitrary amount substantially in excess of the fair market value of the residence or create a bogus outstanding mortgage lien to be discharged.
They would recruit people with good credit to act as the straw purchasers of the properties with the mortgage company. They then represented to innocent straw purchasers that the property would be managed by Farrington’s crew and rented to a suitable tennant, that the mortgage, interest, taxes and insurance and maintenance of the property would be paid from the rental income and that the straw purchaser would have no expenses. It goes on but you get the idea.
Others involved in this fraud were Janice Shepherd, Rejis Williams, Kevin Sanderson, Edwin Bell, The Togetherness Group, TTG Inc, Michael Andrews, Second Chance Mortgage, Robert Mason.
“Before the trial, Marcus Allen Parker, 35, of Rowlett, pleaded guilty to one count of conspiracy to commit wire fraud and is awaiting sentencing. Charges were dismissed against Tony Earl Anderson, 52, of Dallas, and Christopher N. Williams, 43, of Flower Mound. All three testified as government witnesses.” – Source