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Zionsville man charged with wire fraud, money laundering

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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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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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