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.
CLEVELAND - A defendant accused of ripping off investors and leaving behind a trail of foreclosed homes in Cleveland is telling a Cuyahoga County judge that he suffers from serious "mental" problems.
Marc Tow appeared before Cuyahoga County Common Pleas Judge Steven Gall Tuesday and described taking medications for what he described as "Bi-Polar Disorder and depression."
Tow said, as a result, he often does not fully understand the charges against him.
Tow is accused of operating a California-based company that promised investors he would help them secure foreclosed homes in Cleveland.
Instead, Tow's company, EZ Access Funding, closed its doors, leaving investors on the hook and more than 100 foreclosed homes falling apart all across Cleveland.
An exclusive 5 On Your Side investigation linked Tow to the alleged scam and a grand jury indicted him last year.
He now has until Wednesday to decide if he will accept a plea deal in the case, or go to trial in July.
His attorney also told the judge that he does not believe his client understands the charges against him.
Sentencing abruptly delayed Monday in Cuyahoga County Common Pleas Court for key player in major foreclosure scam that ripped off investors across the country and left more than 100 homes in Cleveland abandoned.
Defendant accused in major foreclosure scam has pleaded guilty to theft and corruption charges following an exclusive 5 On Your Side investigation.