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Taking it to The Streets: Massive Real Estate Fraud Reported in The Ukraine
According to the Associated Press, 8,000 Ukrainians demonstrated yesterday in that country’s capital demanding an investigation into a massive real estate fraud scheme:
Thousands of Ukrainians bought new apartments in Kyiv that were secretly being sold to multiple buyers and never completed. Police have estimated that some 1,500 people might have fallen victim to the scam, losing an equivalent of US$79 million (-67 million). The owners of the company accused of fraud, Elita-Tsentr, have fled the country and have been put on the international wanted list, Ukrainian media reported.
Protesters gathered outside the Kyiv city council. In February, President Viktor Yushchenko ordered his government to help sort out the scandal. The scam occurred as real estate prices in the Ukrainian capital shot up, leaving many buyers desperate for a deal. Buyers were offered lower prices if they purchased yet-unbuilt apartments.
Problems emerged earlier this year when buyers discovered that their apartments had been sold to others and that construction was behind schedule.
While police estimate that 1,500 people fell victim to the scam, nearly five-times that many (a whopping 8,000 citizens) participated in yesterday’s demonstration. Imagine if four to five of your closest friends and neighbors chose to stand by your side to protest crimes committed against you and your family here in the U.S. Talk about community support. If we had that sort of a citizenry here, we’d be able to wipe out real estate and mortgage fraud literally overnight. Neighbors would be looking out for one another in ways we’ve never seen before, while the fraudsters, scammers, and bad guys would be identified, prosecuted and publicly humiliated.
Anyone want to rally?
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