News and Press Releases

SECOND MAN PLEADS GUILTY TO FRAUD INVOLVING REAL ESTATE LOAN

FOR IMMEDIATE RELEASE
WEDNESDAY, JANUARY 22, 2014
http://www.justice.gov/usao/ohs
CONTACT: Fred Alverson
Public Affairs Officer
(614) 469-5715

CINCINNATI – Dwayne H. Means, 46, of Cincinnati pleaded guilty in U.S. District Court to conspiracy to commit bank fraud in connection with a loan to buy a lot in the Villages of Sugar Ridge subdivision in Lawrenceburg, Indiana in 2007.

Carter M. Stewart, United States Attorney for the Southern District of Ohio, Kevin R. Cornelius, Special Agent in Charge, Federal Bureau of Investigation, Cincinnati (FBI), and Dugan Wong, Inspector in Charge, U.S. Postal Inspection Service announced the plea entered yesterday before Senior U.S. District Judge Herman Weber.

According to court documents, Means and Thomas Reusch, 60, Florence, Kentucky, formed TBS Development LLC and applied for a loan to develop a lot in the subdivision. The price of the lot was $1,200,000. Reusch and Means convinced the seller to artificially increase the sale price and TBS obtained a $2,170,000 loan from Central Bank. Means and Reusch did not disclose to the bank that the additional funds included three years’ worth of pre-payment of rent for Gimmies Restaurant, which was located at Sugar Ridge Golf Course, and payments to others including cash back to themselves. TBS submitted false invoices to Central Bank purportedly showing expenditures on development of the lot. The defendants fraudulently obtained $558,446.81 in loan proceeds.

Reusch pleaded guilty on January 8, 2014 to one count of conspiracy to commit bank fraud, which is punishable by up to 30 years in prison and a fine of $1 million. Reusch’s sentencing is scheduled for April 29. Means’ sentencing is scheduled for April 30.

U.S. Attorney Stewart commended the investigation by FBI special agents and Postal Inspectors and Senior Litigation Counsel Anne Porter, who represented the United States in the case.

###

 

 

Return to Top

USAO Homepage
Civil Medicare
Community Outreach

Giving Back to the Community through a variety of venues & initatives.

Project Safe Childhood

Help us combat the proliferation of sexual exploitation crimes against children.

Victim Witness Assistance

Making sure that victims of federal crimes are treated with compassion, fairness and respect.

Follow Us on Twitter @SDOHnews
Oficinas de los Fiscales de Estados Unidos En Espaol