Charles Evans of Evans Brothers fame only a year to serve before he is released from federal prison.
Charles' brother Jon "Chris" Evans was released a year ago. The brothers pled guilty to bank fraud and money laundering in 2011.
Charles is serving a prison sentence of 20 years. He received credit for time served when he was denied bond 2010 after he foolishly went for a gun when placed under arrest.
Charles Evans, Jr. was an attorney approved by Mississippi Valley Title Insurance Company to provide title certificates to MVT and lenders showing a borrower had clear title to property. Chris used over 30 LLC's to obtain fraudulent loans from over 30 banks in Mississippi. Chris Evans would use one company to purchase a large tract of prime commercial real estate in Madison and Desoto Counties. Another company owned by Evans would obtain a commercial real estate mortgage on a smaller section of the tract yet that borrowing company never obtained a deed showing ownership of the land from the other company. Thus the smaller tract did not exist as the larger tract was never subdivided. Charles provided a title certificate however showing the borrowing company owned the land even though it did not own the property. The brothers used other LLC's to borrow $27 million from Texas banks to purchase properties in the Dallas area. However, the phony sub-dividing of property did not take place in Texas.
Over 80 loans for nearly $50 million were issued by Mississippi banks to companies owned by Chris Evans for lands those companies either did not own. Both Charles and Chris Evans filed Chapter 7 bankruptcy petitions. Mississippi Valley Title testified 65 title insurance claims for approximately $41 million have been filed by banks affected by the Evans case.
Kingfish note: This was a blast from the past. It's probably the case that made this website. These were probably my two favorite posts in the whole saga. JJ estimates fraud at $40 million, MVT Calls Fraud Biggest to Hit Mississippi Since Worldcom
6 comments:
Meanwhile: McHenry walks free and Rudy is about to. Both rather wealthy gents having filed bankruptcy.
It would be interesting to see what share of the title insurance market MVT had then, versus now. I expect it will be a lot less now since they tried to avoid paying many of these claims.
MVT is doing fine. They're still the big dog in Mississippi.
And eventually MVT was made to actually pay money under a title insurance policy. Did you know title insurance isn’t legal in some states? It’s a giant fraud and it pays out a very small %. Lawyers who write the policies? They get up to 70% of the premium paid. It makes or breaks a closing lawyers practice
They are not called sharks for nothing.
I have it on good authority that Evans was released several weeks ago and is working at Iron Horse Grill busing table and generally cleaning up. Seriously.
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