KATU follows the trail of Jeremy Richardson

Jeremy Richardson is accused of using his company, Richardson Equities, to bilk investors and homebuyers out of millions of dollars.  KATU's On Your Side Investigator Thom Jensen has been hot on the trail of Richardson for months, learning more about the man and listening to what victims are saying.

	Richardson pleads guilty in mortgage fraud case September 23, 2008 - A plea deal with prosecutors calls for Jeremy Richardson to serve 3 years and a month in prison and pay restitution to victims that could top $3 million.
	Richardson lands on federal investigation list June 19, 2008 - Jeremy Richardson is listed by federal officials as being among the hundreds of mortgage brokers across the U.S. who are now under official investigation.
	Richardson turns up in Ridgefield, Washington June 18, 2008 - When we asked him how he thought he could do business when he didn't have a mortgage or a real estate license, his reply was "You don't need one to be a private investor."
	Feds charge Richardson with wire fraud June 11, 2008 - Jeremy Richardson, the man at the center of a nationwide mortgage scheme is charged with wire fraud, which could land him in federal prison for several years if he is convicted.
	More stories emerge about Jeremy Richardson Feb. 8, 2008 - A man who invested in a massive home financing scheme talks about his dealings with a self-proclaimed land baron, who he says tricked him into breaking the law.
	Just how shady was Jeremy Richardson? Feb. 8, 2008 - He lived in a 2,800 square-foot home, drove fancy cars and went on expensive vacations, but according to those who worked for him, Jeremy Richardson was spending money that wasn't his.
	Exclusive: Computer seized in fraud investigation Jan. 31, 2008 - The FBI scored what could be a major source of evidence against Jeremy Richardson and his company, Richardson Equities.  They hauled off his personal computer from his sister's home in Vancouver.
	Victims of alleged scheme are burning mad Jan. 25, 2008 - In KATU's first story on Jeremy Richardson, we hear from angry investors and homeowners who say the man and his company, Richardson Equities, bilked them out of money.

Oregon City, Oregon - Ed and Lynn W. gave Richardson Equities their last $3,000. It was all the money they had and after seeing Jeremy Richardson’s ads on Craigslist that they could buy a home with no credit checks, they decided to send the money.

Ed and Lynn say soon after they sent in their money in the form of a cashier’s check, they never heard from Jeremy Richardson again.

The two have been forced to take out loans on their vehicles and their boat to cover their losses and to pay for food and rent.

Gresham, Oregon - Sandra C. and James C. found this house in Gresham after Richardson Equities promised they would be able to buy the home in the company’s Lease Option program after a few years of making mortgage payments of $2,000 per month.

Sandra says they felt alright even after seeing our initial news stories about Richardson in late January. However, last week she received a foreclosure notice from the mortgage company.

Sandra says, as it turns out, Richardson never made their house payments that she sent him every month. She estimates he pocketed $10,000 in mortgage payments and her family’s original down payment of $2,500.

Sandra and John are now looking for a new home for them and their three children. Sandra says she’s not sure if they will be able to come up with all of the money, thanks to Jeremy Richardson’s greed.

Battle Ground, Washington - Angel Beickel said her family went through Richardson Equities in March of 2007 to purchase a home. 

She said they paid an investor a monthly mortgage of $2,475, but by August he quit paying the mortgage and she got a notice of foreclosure (right before Christmas). 

"We are a family nine - my husband and I, my 70-year-old parents and children ages 12, 9, 8, 2 and 4 months," she wrote in an e-mail to KATU.  "We are trying to get financing on our own but it is very difficult now with the market and our credit."

Happy Valley, Oregon - Paul F. bought this house and three others as an investor with Richardson Equities. Like many investors, he added Richardson to the deed after the house closed, giving Richardson Equities 50% ownership in the homes.

Paul is now trying to sell the homes, but with Richardson’s name on the title, he doesn’t know how he can. He’s looking for legal help but can’t afford a lawyer, because all of his money is tied up in the homes.

The houses are now close to being foreclosed on and Paul says the price he paid for the houses is well above their true value. He says he could be out hundreds of thousands of dollars before this mess is cleared up.

Paul’s credit score is also taking huge hits and he says it could take years to repair his name financially. 

Cedar Rapids, Iowa - Scott Wilson, his wife and their three children (ages 13, 7 and 4) had already picked out their new home in Cedar Rapids after seeing one of Richardson’s ads on Craigslist.

They gave Richardson $5,500 they scraped together after he promised he would buy them their dream home (pictured on the right) and said with an investor’s help, they would be able to purchase the home themselves with good credit in a few years.

The Wilsons say Richardson never followed through with his promise.

They were left out in the cold in the dead of a freezing Iowa winter and forced to stay in the basement of someone else’s home while their children lived with relatives. The family was split up for Christmas.

Scott says he doesn’t expect to see a penny of his money again. Now he is committed to warning others about Jeremy Richardson on Web sites and blogs.  He wants to help investigators and prosecutors capture and convict the man who he says stole his family’s dreams and money.

Orange County, California - Lisa Cintron was in a desperate situation when she found Richardson’s ads on Craigslist.

Like many people in Southern California, she and her family were in over their heads in a home that was going into foreclosure.

Lisa saw the ad, and after checking Richardson’s credentials with the state of Oregon and the Better Business Bureau, she decided to trust the man who promised to save her home.

The Cintrons cashed in their 401k plans, borrowed from family members and came up with $50,000, which they say Richardson told them he needed to save their home and get them on a lease-option program they could afford.

Workers in his office say he celebrated like he had just won the lottery when the Cintrons promised to send him $50,000.   Lisa says after Richardson got her money, he never took another phone call.

The family of five is now desperately trying to hang on to its home and work with banks to fund a new deal, but Lisa says it could take them years to rebuild the nest egg they built and pay back the money they borrowed.

Lisa was one of the first people to come forward and file a complaint against Richardson with the state and the FBI.

Other families have also written “On Your Side” Investigators and told their stories. A woman in Tennessee says she was left homeless on the streets with her two children while Richardson enjoyed the riches of his ill-gotten fortunes. She asked that we do not use her name or her picture for fear of what Jeremy Richardson is capable of doing next.