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 - Sentencing was abruptly delayed Monday in Cuyahoga County Common Pleas Court for a key player behind a major foreclosure scam that ripped off investors across the country and left more than 100 homes in Cleveland abandoned.
Marc Tow, 62, pleaded guilty in July to his role in defrauding investors after buying up 129 homes in Cleveland and leaving investors without a dime.
Tow's defense attorney was granted a delay in sentencing until October 7 at 8:30 a.m.
Tow was a business associate with a Newport Beach, California company known as EZ Access Funding.
In addition to defrauding investors, Tow failed to pay $575,000 in real estate taxes and $335-thousand more in housing court fines.
Tow agreed to pay $300,000 in restitution and could face two to seven years in prison.
Tow was indicted following an exclusive 5 On Your Side investigation that detailed how investors were convinced pay thousands of dollars for homes in Cleveland believing they would be repaired and later sold for a profit.
Instead, the homes were left abandoned and EZ Access Funding closed its doors when Tow and another business associate disappeared.