Las Vegas Man Indicted in Mortgage Scam

admin —  October 29, 2009 — Leave a comment

Wayne Goldenbaum, also known as Robert King, Las Vegas, Nevada, has been indicted on multiple charges of theft, including theft from an individual over the age of 60.

The charges stem from instances where King fraudulently obtained the proceeds from his victims’ mortgage loans or obtained money for the lease of property which he did not own. The case is being prosecuted by the Attorney General’s Mortgage Fraud Task Force.

The indictment alleges that King, through his company, King Highway Estates, promised to obtain refinancing for local homeowners who wished to use the proceeds to clear up outstanding debts or make improvements on their homes. After arranging the loans with hard money lenders, King would withhold most of the proceeds under the pretense of using them to pay off the homeowner’s bills or authorizing the home improvement projects.

In the case involving a victim over the age of 60, King represented that he had the authority to sell a business, including the right to occupy the location to a group interested in opening a Smoothies for Life franchise. After providing King with a down payment of $10,000 cash, and expending over $30,000 on renovations to the site, the group was advised by the actual owner that King had no legal authority to rent the building.

In each case, King is alleged to have continued to mislead the victims into believing that he was providing services well past the time provided for him to perform under the respective contracts. It was not until a search was performed on King‘s residence that the alleged fraud was discovered.

An indictment is not a determination of guilt or innocence, but is a finding of probable cause that a crime was committed. As with all defendants, King is presumed innocent until proven guilty.

King is currently incarcerated in Federal prison on an unrelated charge.

Nevada Attorney General Catherine Cortez Masto announced the indictment.

Unfortunately, unscrupulous individuals continue to take advantage of homeowners who, due to the current economic climate, are experiencing difficulty making their mortgage payments,” said Attorney General Masto. “It is a top priority in my office to investigate and prosecute mortgage fraud.

Anyone who has information regarding this case should contact the Attorney General’s Office at 486-3221 in Las Vegas or 684-1180 in Carson City.

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