Indiana News

Investor Sentenced to Prison in Fraud Case

3/14/2012

48-year-old Brian Eads of Zionsville has been sentenced to 30 months in prison after pleading guilty to wire fraud and money laundering.

U.S. Attorney Joe Hogsett says Eads asked investors to falsify invoices for work that was never done on homes he offered for sale, helping to obtain loans from Wells Fargo. Hogsett says the investors suffered negative impact on their credit histories and Wells Fargo sustained losses of $380,104.

In a separate scheme, Hogsett alleged that Eads sold an acquaintance properties that he didn't own. The acquaintance lost approximately $295,791.

In yet another scheme, an out-of-state investor lost $187,200 dollars in the purchase of several properties in Indianapolis, Muncie and Anderson. Again, says Hogsett, Eads did not own several of those properties and the buyer never received deeds.

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