Jacksonville Real Estate Investor Convicted of Swindling Homeowners and Mortgage Companies

Strategic Insights -

A federal jury convicted 53-year-old J.R. Parker of swindling homeowners and mortgage companies out of millions of dollars by marketing houses at inflated prices without disclosing the true sales proceeds to buyers and mortgage financiers. Parker, whose real estate business was based in Jacksonville, accepted a $14 million forfeiture order without a court hearing after the jury returned its verdict in about 75 minutes. The verdict follows a two-week trial during which three women who bought property from Parker testified that they discovered after the fact that the homes were overpriced and in poor condition.

Key Takeaways:

  • Parker was convicted of swindling homeowners and mortgage companies out of millions of dollars by marketing houses at inflated prices without disclosing the true sales proceeds to buyers and mortgage financiers.
  • The scheme involved Parker signing contracts to buy almost 250 houses during a three-year period, then recruiting other people to actually buy the properties.
  • Buyers were misled into taking on mortgages for the homes, with some purchasing properties without even visiting them, resulting in many homes being lost to foreclosure.
  • A grand jury indicted Parker twice prior to the trial, and three of his associates, including a mortgage broker and a real estate attorney, had already pleaded guilty to related charges.
  • Parker's attorney argued that he never promised the buildings were in top quality and never kept buyers from examining the homes, but the jury found him guilty despite this defense.

Statistics:

  • Parker accepted a $14 million forfeiture order as part of his conviction.
  • Almost 250 houses were involved in Parker's scheme over a three-year period.
  • Three women who bought property from Parker testified that they discovered after the fact that the homes were overpriced and in poor condition.
  • Parker's associates who pleaded guilty to related charges include a mortgage broker and a real estate attorney.

Sources:

  • steve.patterson@jacksonville.com, (904) 359-4263
  • United States Attorney's Office, Northern District of Florida