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Three neighborhoods in Minneapolis, with the support of the city, are fighting back against a company they claimed committed mortgage fraud.
A lawsuit has been filed against TJ Waconia for the alleged fraud involving 140 homes, most of which are now either in foreclosure or abandoned.
Company Stands Accused
The owners of TJ Waconia, Thomas J. Balko and Jon E. Helgason, are being charged for fraud reportedly committed between 2003 and 2005.
The suit claims that the two men bought and flipped 140 houses using inflated appraisals.
Balko and Helgason supposedly profited by selling the homes for inflated markups to consumers who believed that they were either straw buyers or investors affiliated with them.
After the sale, the suit claims that the men, by running another company that managed properties as rentals, collected rent from tenants without paying the mortgages.
Lawsuit Claims
“What offends me most about Waconia is they did it so audaciously and with such ease,” explained Roberta Englund, the executive director of the Folwell Neighborhood Association.
The neighborhoods are accusing the company and its owners of:
· One count of violating a state private nuisance statute
· Four counts of violating the state Tenants Remedies Act
· One count of violating the state’s Consumer Fraud Act
(Source: Twin Cities)
Have you been the victim of consumer fraud? If so, please contact an experienced attorney who will give you the legal advice you need and desire.
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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