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 NewsChannel5 investigation found one of the men making a profit on Cleveland's foreclosure crisis faked his own death.
Michael Alexander is reportedly living the life of luxury in southern California, but Chief Investigator Ron Regan traced him to the beaches of North Carolina.
Alexander, along with Marc Tow, worked for a company called EZ Access Funding based in Newport Beach, California. The company bought up at least 129 foreclosed homes across Cleveland and claimed to investors that it would rehab them.
In 1986, Alexander reportedly capsized his boat and rescue teams did not find him, but they did find his watercraft. At the time, Alexander went by the name Michael Pedwell. He left behind a wife, who has never spoken about the incident.
You'll learn more about Pedwell's disappearance Thursday night on NewsChannel5 at 11 p.m., plus Regan will retrace the steps that lead him to Alexander's current whereabouts.
[Click here for a map of EZ Access-owned properties in the Cleveland area http:// on.wews.com / xTA0qQ ]
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