85°
Baton Rouge, Louisiana
3 Day Outlook
Mon
79°
57°
0%
Tue
82°
59°
0%
Wed
83°
65°
30%

Latest Weather Blog

Follow our weather team on social media

Real estate investor accused

4 years ago Thursday, May 13, 2010 5:45:07 AM CDT May 13, 2010 Thursday, May 13 2010 May 13, 2010 in News
Source: Associated Press

A Metairie man has been charged with mail fraud in connection of an alleged real estate scheme that cost investors at least $3.5 million.

Federal prosecutors say Michael Smuck sold a Houston apartment complex in 2007, then misappropriated the money to pay other debts rather than share the proceeds with investors.

Investors expect their losses to be much higher than the figure contained in the charge.

Scores of investors have sued over their losses, accusing Smuck's company of keeping multiple sets of books and allowing its apartment complexes to deteriorate.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
85°
64°
Mon
79°
57°
Tue
82°
59°
Wed
83°
65°
Thu
86°
69°