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Iowa Attorney General Tom Miller has filed a consumer fraud lawsuit against two central Iowa home sellers, accusing them of selling houses at grossly inflated prices.
John Davis and Christine Frank are the named defendants in the suit filed by the state.
The consumer fraud lawsuit alleges that Frank and Davis, who have purchased many homes in central Iowa since the 1990s, engaged in deceptive and criminal behavior when they schemed to “sell homes at highly inflated prices to first-time home buyers with average or below average credit scores.”
In the last decade, many home deals negotiated by Frank and Davis have caused a large number of complaints from consumers.
According to Miller, Frank and Davis “induced” a mortgage firm to make over $700,000 in loans on nearly 10 houses using “a pattern of deceit and fraud.” Furthermore, the home sellers also forfeited their own money for down payments, but deceptively allowed the lender to think it came from the home buyers, giving the false impression that the consumers had the finances available to pay the mortgage.
Currently, all of the homes named in the suit were lost as a result of foreclosure.
If the defendants lose the case, they may be ordered to compensate the victims or pay the state $40,000 for each violation of the Consumer Fraud Act.
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Consumer fraud class action lawsuits are specifically designed to help individuals who have been similarly aggrieved to pursue a common goal – namely to hold the deceptive business accountable for any damages suffered. Thus, consumers who have been defrauded by a corporation or other entity may file a consumer fraud class action lawsuit on behalf of themselves and others to seek compensation for their shared grievance.
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