Flipping Plea Deal Includes Restitution To Cleveland.
A Florida man who illegally flipped dozens of homes in Cleveland has agreed to pay the city $250,000 in nuisance abatement costs, maintain properties he still owns, and clears up titles to properties. ideastream's Bill Rice reports.
Blaine Murphy, also known as Bryce Peters the Third, and Martin J. Franks -- is owner of the Bryce Peters Financial Corporation. He and the corporation were indicted on charges of engaging in a pattern of corrupt activities, possessing criminal tools, money laundering and tampering with records.
Cleveland City Counciman Anthony Brancatelli, whose ward was heavily impacted by Murphy's transactions, says a number of victories involving mortgage fraud are beginning to make a difference.
Brancatelli: "Bringing this money back in will go a long way. We just had a settlement with Deutche bank, which is bringing back $190,000 as demolition. So these are adding up now to be significant as we see what recovery looks like in our community."
Murphy has admitted to illegally flipping 186 houses in the city of Cleveland.
Authorities say he filed forged deeds, ignored property code violations and did not pay taxes.