Chesterfield County couple gets prison time for Ponzi scheme
A Chesterfield County couple received prison terms today for a real estate investment scheme that caused $9.7 million in losses.
Darrell and Cynthia Underwood were sentenced by U.S. District Judge James R. Spencer, who imposed the stiffest term called for under Darrell Underwood’s plea agreement, 10 years, but cut two years off the maximum his wife was facing. She was sentenced to three years.
Each apologized yesterday for their conduct and to their victims, many of them fellow church members at the Mount Gilead Full Gospel International Ministries.
The Underwoods were owners of Walkwood Properties, which specialized in helping homeowners about to lose their homes to foreclosure. They solicited investors for money to help purchase homes.
Many who invested were promised — and received — a 50 percent return on their money within 60 to 90 days. But the Underwoods were running a Ponzi scheme in which money from new investors was used to pay earlier ones.
A hearing will be held in December to determine the amount of restitution the Underwoods will have to pay once released from prison.
Advertisement
Reader Reactions
upit-What in the world are you talking about.
Personal attacks and name calling?
No way. Just the facts.
Walkwood Properties orginial web site listed a post box as a mailing address and an 800 number. I doubt that their clients ever knew anything about Clifton Farms or Stigall Dr.
I for one would not do business with a post office box. I would need a legal street address at least, then I would check that company out to the best of my ability.
If it sounds to good to be true, it probably is.
So have a good evening. So sorry that you lost your job.
Personal attacks and name calling
Greta- I find it very offensive that you would throw out this kind of degredation to someone that was an investor. Your name calling is not what this forum is about. Your post can not be removed fast enough.
Greta,
I totally agree with your remarks.
I am not aware that the Underwoods actually bought or sold any propery in this neighborhood. Just goes to show you that a smart dog will try to poop anywhere but in his own yard.
The Underwoods certainly deserve the stiffest jail term possible.
But the only reason that a Ponzi scheme can succeed is because the people who become involved are either stupid or greedy.
I sympathize with the stupid ones, the greedy ones got what they deserved.
This people bilked others out of their life savings and only received 13 years combined…what an outrage…and guess what—-they will probably file for welfare or disability when they are released so they don’t have to pay one dime back! The judges and the court system should on be put on trial for injustices to the general public!
Less than three years ago, these people bought a house in my modest subdivision, which is not zoned commerical. At first, there were only a couple of modest vehicles parked at that location.
Soon afterwards, expensive vehicles in and out of there all the time, too much traffic for a home office. The windows on the house were ‘blacked out’ so that you could not see what was going on from the street. My first thought was that some type of illegal activities going on here, but what? Finally saw a truck one day with ‘Walkwood Properties’ on the side.
A few months later, a neighbor was driving by and saw several police vehicles at that location. She said that it looked like SWAT.
The Underwoods never lived in that house. Evidently it was only being used for their illegal business.
Personally, I am glad their business is GONE from my neighborhood.
After watching the news and reading the charges in the media, they need MORE JAIL time.
If they have to sell their $975,000.00
dollar plus ‘shack’ on Lake Chesdon to repay some of the people that they bilked out of their money, TOO BAD, SO SAD.
Post a Comment(Requires free registration)
- Please avoid offensive, vulgar, or hateful language.
- Respect others.
- Use the "Flag Comment" link when necessary.
- See the Terms and Conditions for details.
Advertisement