IBJNews

Zionsville man charged with wire fraud, money laundering

Back to TopCommentsE-mailPrintBookmark and Share

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.
 
 

ADVERTISEMENT

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.

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. I am so impressed that the smoking ban FAILED in Kokomo! I might just move to your Awesome city!

  2. way to much breweries being built in indianapolis. its going to be saturated market, if not already. when is enough, enough??

  3. This house is a reminder of Hamilton County history. Its position near the interstate is significant to remember what Hamilton County was before the SUPERBROKERs, Navients, commercial parks, sprawling vinyl villages, and acres of concrete retail showed up. What's truly Wasteful is not reusing a structure that could still be useful. History isn't confined to parks and books.

  4. To compare Connor Prairie or the Zoo to a random old house is a big ridiculous. If it were any where near the level of significance there wouldn't be a major funding gap. Put a big billboard on I-69 funded by the tourism board for people to come visit this old house, and I doubt there would be any takers, since other than age there is no significance whatsoever. Clearly the tax payers of Fishers don't have a significant interest in this project, so PLEASE DON'T USE OUR VALUABLE MONEY. Government money is finite and needs to be utilized for the most efficient and productive purposes. This is far from that.

  5. I only tried it 2x and didn't think much of it both times. With the new apts plus a couple other of new developments on Guilford, I am surprised it didn't get more business. Plus you have a couple of subdivisions across the street from it. I hope Upland can keep it going. Good beer and food plus a neat environment and outdoor seating.

ADVERTISEMENT