FBI Agent Said Losses Totaled $40 Million In Fraud At Dade County Development

Tuesday, April 29, 2014

FBI Agt. Stan Ruffin testified Tuesday that the loss associated with a fraud at The Preserve development in Dade County, Ga., to banks totaled $40 million.

Federal Judge Curtis Collier heard the testimony in connection with the sentencing of Josh Dobson and Paul Gott, who were convicted in an earlier trial.

Attorney Jerry Summers noted he is seeking zero prison time for Dobson, while the prosecution is at 151 months.

The hearing was cut off late Tuesday morning when Judge Collier said portions of the ceiling above him in the main third floor Federal Courthouse were falling - apparently from the overnight storm.

It resumed in the ground floor courtroom of Judge Sandy Mattice after lunch.

Then it was stopped later in the afternoon at the request of prosecutor Perry Piper. He said it related to "a horrible accident to an FBI agent."

Judge Collier said the hearing will resume at a time to be determined.

Agt. Ruffin said the banks loaned $44 million on the project in which "buyers" were told that the company would pay their down payment as well as make initial mortgage payments for up to several years.

He said SunTrust Bank and Farm Credit Bank lost $28 million on the project at Johnson's Crook near Rising Fawn, Ga.

The restitution amount was earlier put at $13.7 million, but the prosecutor said that was being dropped to $3.4 million based on the cases that were specified for the purposes of the indictment and trial.

   


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