The Court of Appeals opined on the criminal liability of a homeowner who “strategically defaults” and then sells the bank's collateral.
Defendant, a real estate broker, bought residential rental properties and then missed payments. In response, the lender foreclosed.
Before foreclosure, Defendant sold upgraded cabinets -- to the FBI. Defendant was indicted and convicted of defrauding secured creditors, a felony. The jury’s conviction was affirmed.
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