IBJNews

  • Home

Ex-Indiana University player Leary pleads guilty in fraud

Associated Press
July 16, 2010
Keywords
Banking & Finance, Criminal Charges, Fraud, Law, Legal Issues, Mortgage Fraud, Mortgages
Back to TopCommentsE-mailPrint

Former Indiana University basketball player Todd Leary has pleaded guilty to charges stemming from an ex-business partner's multimillion-dollar mortgage fraud scheme.

Thirty-nine-year-old Leary of Carmel pleaded guilty in court Thursday to a felony charge of misappropriating title insurance escrow funds. His agreement with Allen County prosecutors calls for him to face up to three years in prison, with that cut in half if he pays nearly $295,000 in restitution before his October sentencing hearing.

When the judge asked Leary whether he knew what he was doing was wrong, he replied, "I did."

Prosecutors say Leary worked for Joseph Garretson, a title insurance broker who pleaded guilty in a major mortgage fraud case. Garretson, who operated Fort Wayne Title and Fort Wayne Mortgage, was sentenced in late June to 11 years in prison after he pleaded guilty to three counts of breaking the state loan-brokering law. He was also fined  $5,000 and ordered him to repay his victims $3.4 million

Investigators found more than a dozen cases in which Garretson refinanced mortgages for clients but didn't pay off the original loans, causing them to default.

Leary was a star at Lawrence North High School and played for the Hoosiers in 1989-94, including their 1992 NCAA Final Four team. He was an analyst for IU's radio broadcasts when he was arrested in February.

ADVERTISEMENT

  • Game Over?
    IU -OOOsier FanJuly 16, 2010 10:33 AM
    I guess this means Leary will need a new side gig to pay the money. His days on the IU sidelines are over.
    Reply to CommentFlag Comment

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

ADVANCED SEARCH
Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ

  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

  2. I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.

  3. Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??

  4. On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.

  5. It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.

ADVERTISEMENT