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Zionsville man charged with wire fraud, money laundering

August 26, 2011

A Zionsville business owner has been charged with wire fraud and money laundering following a months-long investigation by the Internal Revenue Service and Federal Bureau of Investigation.

The charges, announced by U.S. Attorney Joseph Hogsett on Thursday, allege that Brian Eads, 47, who owned First Investment Group, bought properties at sheriff’s sales in Indianapolis, and then recruited buyers to purchase them.

Eads worked with a loan originator to obtain financing and promoted a no-risk real estate investment program in which the buyers would not have to pay a down payment and would receive thousands of dollars after the purchase of the homes, according to the charges.

When buyers purchased 10 properties, they could progress to the next phase of the investment program, which he said would enable them to obtain their own lines of credit to directly purchase properties at sheriff’s sales.

In six instances, prosecutors allege, Eads was involved in money laundering by engaging in transactions of more than $10,000 each with the criminally derived proceeds.

Eads faces a maximum of 30 years in prison and a $250,000 fine on each of the two counts.
 
 

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