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.
SANTA ANA, Calif. - A major housing fraud suspect has been arrested in California following an exclusive 5 On Your Side investigation.
Sixty-one-year-old Marc Raymond Tow, of Costa Mesa, Calif., was indicted last Thursday by a Cuyahoga County grand jury that was investigating Tow after a NewsChannel5 investigation raised questions about his involvement in a major foreclosure scam.
Tow was associated with a Newport Beach, Calif. company called EZ Acesss Funding that investors allege promised to rehab foreclosed homes in return for significant profits.
Instead, investors say Tow and an associate, Michael Alexander, simply took their money and never delivered on their promise to improve homes.
The grand jury indictment alleges nearly 200 homes were involved and our investigation found many one of them exploded after being left abandoned by EZ Access Funding.
Tow is expected to be extradited to Cuyahoga County where he faces arraignment Sept. 6 on charges including theft, money laundering and engaging in a pattern of corrupt activity .
He is currently being housed in the Intake Release Center of the Orange County Jail in Santa Ana, California on $50,000 bond.
His associate, Michael Alexander, has not been charged with a crime.
Keep checking newsnet5.com for the latest information on this case.
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.