Former Eugene Property Manager Pleads Guilty to Wire Fraud
EUGENE, Ore. – Eugene property manager, Terry Shockley, 63, pleaded guilty before U.S. District Judge Ann Aiken today for engaging in a scheme to defraud clients and investors through his now-defunct property management company, TS Property Management (TSPM).
According to the plea agreement, Terry Shockley admitted to engaging in a scheme to defraud the clients of and investors in TS Property Management, resulting in a loss of over $3.5 million to his victims. The plea agreement sets forth the details of the scheme, which included operating the company under material false pretenses such as statements claiming that certain amounts were held in trust for clients, statements about the financial health of the company, and lulling statements to the Oregon Real Estate Agency in an attempt to convince the state regulator that nothing was wrong and the business was financially sound. In reality, Shockley had been experiencing financial issues since at least as early as December 2012 and was operating under substantial debt.
Shockley faces a statutory maximum sentence of 20 years in prison for each count of wire fraud. According to the plea agreement, Shockley has agreed to entry of a restitution order taking into account the full amount of his victims’ losses. Shockley will be sentenced on September 6, 2016 at 10:00 a.m.
The Federal Bureau of Investigation, with assistance from the Oregon Real Estate Agency, investigated this case and it is being prosecuted by Assistant U.S. Attorney Nancy M. Olson.