Mortgage Scheme Probe Prompts Dozens of Calls, Second Search Warrant Executed
Jensen Beach mortgage broker, pastor now investigated in Orlando ‘deal’
JENSEN BEACH—Florida Chief Financial Officer Alex Sink today reported that fraud investigators with the Department of Financial Services (DFS) have received approximately 65 calls relating to their ongoing investigation of a Jensen Beach husband and wife accused of using a church and a radio show to scam followers out of as much as $5 million in real estate schemes in south and central Florida.
Shalonda and Rodney McGill were arrested September 16, 2008, on allegations that they saddled investors in their “Fab 5” club with more than $1.15 million in mortgage loans by “flipping” properties in Martin and St. Lucie counties that the McGills sold using fraudulent loan applications.
The media coverage of the McGills’ arrests resulted in new information and dozens of new complaints regarding the McGill’s alleged activities. Complaints involve allegations of an Orlando condominium scheme and unfulfilled returns in various real estate transactions. A second search warrant was executed Wednesday at the McGills’ business property located at 2110 Arch St. in Jensen Beach. A preliminary search warrant was executed immediately following the McGills’ arrests.
“It is crucial that we hear from as many affected Floridians as possible so that investigators can find valuable evidence to help solve cases,” said CFO Sink, who oversees the DFS. “We will follow every trail and every tip as we work to find any and every stolen dollar.”
The McGills allegedly garnered victims through various companies they operated including the Young Millionaire’s Group, Inc. (YMG); RSM Investment and Mortgage (RSM); and New Hope Outreach Center, Inc. (New Hope), all of which operated out of the same Jensen Beach facility.
The McGills remain in the Martin County Jail, with bond set at $730,000 each.
Anyone with information is asked to contact Detective Ted Padich at (561) 837-5635 with the Division of Insurance Fraud (DIF) or Investigator Steve Brignola at (561)837-5233, with the Office of Financial Regulation (OFR). The Office of Statewide Prosecution is prosecuting the charges.