A key figure in a major Cleveland housing scam was sentenced Monday to five years in prison after an exclusive 5 On Your Side investigation exposed how investors were defrauded.
DALLAS - An exclusive 5 On Your Side investigation is raising new questions about a former California businessman who investors claim played a key role in one of Cleveland's largest housing frauds.
Michael Alexander was identified by investors and a former business partner as representing foreclosed homes in Cleveland as lucrative business investments.
The company -- that investors say raised millions of dollars -- was called EZ Access Funding and based in Newport Beach, Calif.
Investors now say their money is gone, a trail of foreclosed homes are left behind and Alexander disappeared into thin air.
Meanwhile, Marc Tow, who said he was a former business partner, told NewsChannel5 in February that Alexander was responsible for the fraud, stole $2 million and forged his name on real estate documents.
But an exclusive 5 On Your Side investigation launched a nationwide search for Alexander, traveling from Cleveland to southern California and Philadelphia to Texas.
Alexander was finally located in a Dallas suburb and said he had "no idea" where investor's cash wound up.
"I didn't do anything with it," said Alexander, "All the money went into Marc Tow's account."
Alexander claimed there was only one bank account for EZ Access Funding, and all the money went into Tow's account.
"You understand that I'm a victim here," said Alexander who claims he is now broke and homeless.
"I was not responsible or a party to any of this - -it's all Marc Tow."
Alexander was confronted by NewsChannel5 outside an office where he is currently pursuing another business venture.
He said Tow is doing his "Texas Two-Step" and misleading investors about who was responsible for the failed foreclosure investment scheme.
But Alexander cut short the interview when asked about an insurance fraud scheme he pleaded guilty to in North Carolina 25 years ago.
"I don't want to talk to you anymore," said Alexander when pressed about details.
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