Weekly Real Estate News
Brandon “Dutch” Mendenhall, the co-founder of RAD Diversified REIT, has been indicted on one count of mail fraud for allegedly submitting false information during the purchase of his $1.6 million house.
According to the indictment announced by the US Attorney’s Office for the Middle District of Florida, Mendenhall applied for a $1.2 million home mortgage in November 2021 but over-inflated his personal income and represented to the lender that the business operating accounts for some of his investment funds were his personal income because he was the owner of these businesses.
“Contrary to Mendenhall’s claim, the deposits in these accounts consisted of investor money and other rental income,” said US Attorney Gregory Kehoe.
As a result of the material misrepresentations, Mendenhall caused the mortgage closing documents to be sent by mail to a title company located in the Middle District of Florida.
If convicted, he faces a maximum penalty of 20 years in federal prison. The indictment also notifies Mendenhall that the federal government intends to forfeit a house, which is alleged to be traceable to proceeds of the offense.
