Investor faces fraud charges

Now that Robert Smith is leaving town, who will testify about Nick and Mandir. Since Robert knew the whole scam all along, seems like he should be stopped from leaving. But since most likely they won't do anything about Nick and Mandir, I guess what good would it do to keep Robert around. He's just Nick's lapdog.

Who is Robert Smith? This is the first I am hearing about him

RObert Smith is a lawyer in Indianapolis. He was one of the main men in the CARE scam. I dont think he had much to do with LRTB. He was the big fat guy with the stupid laugh at the wednesday night care meetings. apparently, he would start praying and crying at every meeting, talking about his passions and what a great man Nick was to try to lure people into signing up for homes.

thelma lou wrote:

Who is Robert Smith? This is the first I am hearing about him

There is no lawyer in Indy that comes up in that name but then again I that more then likely is not his name. Has anyone told anyone about him and got info on him?

I don't know about Robert Smith being a lawyer,but He was the one that got most of the people involved with CARE. He was Nick's right hand man or whichever hand Mandir wasn't on. He was paid a salary by CARE. So he knows everything that was going on. Likes to tell you that Nick is on the up and up. That Nick is going to take care of everything.

I was with LRTB and from what I understand Nick bailed on CARE a lot sooner then he did LRTB. Nick also refin. peoples homes without them knowing. I am still trying to deal with my homes and it is hard but I will not let Nick walk away a winner.

We were also defrauded by Lance Laconi. We got 2 loans from National City through all the companies listed below. Please let me know how to send information to the parties procecuting Lance.

Bob wrote:

<quoted text>
My attorney called me this evening and told me to watch the Star tomorrow. He states a huge number of charges have been brought by National City against: Sullivan Funding, Lance Laconi, the appraisal firm of "Lutz and Associates", Alpine Financial and several others, including investors in Sullivan. The case was filed on March 23rd and has yet to make the papers...hmmm?
The charges are for Mortgage Frauds committed by the defendants in the Indianapolis area. National City is seeking to recover more than $700,000 lost to bad mortgages based upon inaccurate appraisals.
I believe - since Laconi and Sullivan sold my property and contract to LTRB and Valiyi - that both cases are linked as are the players. The end result is that fraud has been practiced against Mortgage companies, investors and buyers alike, to the profit of those who perpetuated those frauds.
Watch for the story to hit the papers in the next day or two...

So does anyone have any news or updates about what is going on with this case and what is happening to Nick, Mandir, etc?

Just know that all the right people are looking into it. Nick is being watched and eveyone that he had working for him is also. This is bigger then any of us will ever know.

I will buy your home or take over your mortgage payments.I am an investor, who after reading the information on the to companies who defrauded many people will try to do what I can to help. I am willing to help those and purchase the home from you for what you owe. Please send me an email with the property address so that I may assist you, at jaron_garrett@yahoo.com

My brother was one of the investors. Our mother asked me to talk to him, but he did'nt want to talk about it that much. This was over a year ago, he said that a company named CARE was doing all of the business. And, that it was comprised of board of members who each had a share of the company, Nick only having part of it.

I bet these members, besides Nick, did'nt contribute much at all. And, if so, I bet they convinced their friends and relatives to sign the thirty year mortgages, like my brother tried with me.

Speaking of involvment, I cannot figure out how my brother was able to get so many of those mortgages. Was there a mortgage broker who generated most of loans? Or, were there a few who did them? And, I bet the appraisors were in to exploitation.

Yes.. Pat Hammer is the main one that wrote the loans. They also valued the homes way too high!!! She is being looked at as well as her buisness.

Antwan wrote:

My brother was one of the investors. Our mother asked me to talk to him, but he did'nt want to talk about it that much. This was over a year ago, he said that a company named CARE was doing all of the business. And, that it was comprised of board of members who each had a share of the company, Nick only having part of it.
I bet these members, besides Nick, did'nt contribute much at all. And, if so, I bet they convinced their friends and relatives to sign the thirty year mortgages, like my brother tried with me.
Speaking of involvment, I cannot figure out how my brother was able to get so many of those mortgages. Was there a mortgage broker who generated most of loans? Or, were there a few who did them? And, I bet the appraisors were in to exploitation.

Well, they better start looking harder at some of these people. Nick is still buying houses, under another name. So as soon as your house is foreclosed, Nick can pick it up cheap at the sheriff's sale. He's still at it!!!

If you know that to be true then you need to tell someone. even if you leave the info on here I will make sure the right people in the AG's office find out.

Tired of crooks wrote:

Well, they better start looking harder at some of these people. Nick is still buying houses, under another name. So as soon as your house is foreclosed, Nick can pick it up cheap at the sheriff's sale. He's still at it!!!

So what's going on with Nick and Mandir. Any news?

Any more news?

I worked with Nick for a short time. I believe he had the best intentions in mind for the city of Indianapolis and for those getting involved. I agree with others that greed and power became a big factor in how the company's business progressed (or didn't). The internal aspects of the company were wholly lacking. Business systems were needed that would automate the information, account for every dollar, and inform all partners what support was needed.

I believe most partners initially agreed to bring their talents to the table... whether it be in assisting in renting, caring for the properties, or managing the office work that needed to be done. I found that most investors made few demands of Nick to be accountable and made little effort to fulfill on their promises to the organization.

My experience was also that Nick did not account for and manage his business in an effective way. The communication between offices consisted of sending confusing, disorganized spreadsheets that did not hold enough information for anyone other than the 'insiders' to understand. The rehabbing was managed completely by Mandir and Nick. The work load of rehabbing homes alone was a full time job for anyone... they were already stretched to the limit.

I ask myself on a regular basis if more partners and 'insiders' had honestly taken on responsibility or had demanded a new system of doing business that the system and vision could have succeeded.

As for me and those I love who got involved, bankruptcy has been the only resort. I am sad for all those involved and hope we will all learn from this.

Defrauded wrote:

We were also defrauded by Lance Laconi. We got 2 loans from National City through all the companies listed below. Please let me know how to send information to the parties procecuting Lance. <quoted text>

We were defrauded as well. Because of Lance I am in bankruptcy.

Wondering wrote:

Does Nick and Mandir still live in Indianapolis?

Yes, Nick lives in a BIG house downtown and he is still doing business in Indy under a different name

Thelma lou wrote:

<quoted text>Yes, Nick lives in a BIG house downtown and he is still doing business in Indy under a different name

What's the name of the new business? Did anything come out of the investigations?