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Posted on Fri, Dec 11, 2009 : 4:51 p.m.

Deputies say man defrauded Ypsilanti Township residents out of $700,000

By Lee Higgins

A man is accused of defrauding Ypsilanti Township residents out of $700,000 in a real estate scheme and then seeking federal bankruptcy protection to avoid paying them back, Washtenaw County sheriff's deputies said.

Robert George, 52, was arraigned Tuesday on charges including obtaining money under false pretenses in excess of $20,000, larceny by conversion and fraudulent use of building contract funds.

Total losses, including those sustained by the banks, is estimated at $20 million, police said.

George was arrested on a 25-count felony warrant and has been released on a $50,000 personal recognizance bond.

George is accused of recruiting people to purchase units for real estate developments, including Crystal Pond Condominiums in Ypsilanti Township.

Deputies say he sold units to a number of people and kept their deposits and other payments for personal use, a sheriff's department news release said. The project was never completed, and some of the victims lost their life savings, deputies said.

Deputies also say George misrepresented the number of buyers he had recruited so he could borrow millions from banks in Washtenaw and Monroe counties.

Deputies have been investigating the alleged scheme since 2005. George is scheduled to return to court Dec. 16.

Lee Higgins covers crime and courts for AnnArbor.com. Reach him at (734) 623-2527 or email at leehiggins@annarbor.com.

Comments

walker101

Sat, Dec 12, 2009 : 5:56 p.m.

This is happening at an alarming rate all over the US, PEOPLE be-aware of these fraudulent investors, it's happening somewhere almost daily somewhere in the US. If it sounds too good and they promise high returns walk away, even if you know them personally. You'll get pennies on the dollar if you're lucky, he's has the money and he has already spent it or check with family members who are living the high life with your $$. I only wish they would give the public a mug shoot and a local address.

Sarcastic1

Sat, Dec 12, 2009 : 3:31 p.m.

This article does not name the judge or magistrate who set the bond, but future articles should. There are several in Washtenaw County that set ridulously low bond amounts. Some are sympathetic toward the offender, some do it because they have a relationship with the defense attorney handling the case. When a suspect, with a criminal record who is arrested for Home Invasion receives a personal bond, there is a problem. I would like to see an expose documenting the judge and bond amount given at arraingment. The results would be interesting.

SFF

Sat, Dec 12, 2009 : 3:14 p.m.

Somebody please explain on what grounds he was released for 50k bail on "personal recognizance." SFF

tinkerbell

Sat, Dec 12, 2009 : 12:54 p.m.

What Judge gave him a personal recognizance bond?

djm12652

Sat, Dec 12, 2009 : 12:28 p.m.

No coincidence that he may have his passport ready to go?

Trouble

Sat, Dec 12, 2009 : 12:04 p.m.

Hmmm... steal $20 Million, and have your bond set at $50 thousand. Chump change.

russellr

Sat, Dec 12, 2009 : 8:34 a.m.

Are you kidding me, Defraud people out of 20 million and prove it then let him out on bail. Maybe we all should become a crook Were is the law put him in jail where he should be!

russellr

Sat, Dec 12, 2009 : 8:31 a.m.

Yeh let him steal 20 million,prove it then let him go on 50K bail money. He's probably coming up with another scheme right now. What's wrong with the law, he should be in jail no bail. No wonder people do these rotten things no penalty for what they do.

tommy_t

Fri, Dec 11, 2009 : 10:28 p.m.

Good Lord they let him go on 50k bond vwith $20 mil missing? You'll never see him again. Taking bets.

jcj

Fri, Dec 11, 2009 : 5:53 p.m.

Don't send him to prison. Make him spend an afternoon with the ones he defrauded!