Developer, Ex-Atty Cop To $52.5M Real Estate Scheme

Law360, New York (September 16, 2011, 8:26 PM EDT) -- A U.K. real estate developer and a former Kansas attorney pled guilty Friday in Missouri federal court to charges that they duped investors into financing unprofitable real estate businesses in a decadelong $52.5 million Ponzi scheme.

In an April 28 indictment, ex-attorney James Brown Scott and real estate developer Derek J. Smith were charged with soliciting investors to fund Smith's real estate ventures though a scheme called the British Lending Program, which purportedly financed his ventures.

Though Scott and Smith marketed the BLP as having a...
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