Fugitive REIT Founder Gets 17 Years For $2M Fraud

Law360, New York (July 25, 2011, 8:41 PM EDT) -- A Texas federal judge on Friday sentenced the fugitive founder of Golden Gate Real Estate Investment Trust to more than 17 years in prison for using $2 million of fraudulently raised investor money for himself.

U.S. District Judge Barbara M G. Lynn sentenced the absent Michael R. Rouse, 56, to 210 months in prison for ripping off investors. Judge Lynn also ordered him to pay $1.9 million in restitution to 62 victims the federal government has identified.

Originally from Wellington, Fla., Rouse is on the run,...
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