Blaine Murphy, known as the “Florida Flipper,” pleaded guilty to charges surrounding the illegal flipping of over 200 distressed and foreclosed properties in and around the Cleveland, Ohio area.
Murphy was arrested in December 2011 after the FBI raided his million-dollar home in Naples. He was accused of forging the deeds on over 200 properties in order to promptly resell them online, often sight unseen, to unwary brokers. These properties were mostly dilapidated and often hazardous, and Murphy went so far as to sell houses that didn’t even exist.
His scheme cost the city of Cleveland millions dealing with the derelict properties, and Murphy’s company has been ordered to pay $250,000 in fines to make up for some of the loss. The worst is not over for Murphy though, and he should expect to pay continued reparations as he prepares to face serious felony charges in nearby Cuyahoga County.
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