Lynchburg-area actual property supervisor sentenced for fraud | Crime Information


A Forest man who owned a Campbell County-based actual property administration firm was sentenced Wednesday to three and a half years in jail for an embezzlement scheme involving tons of of hundreds of {dollars}.







Timothy Darrell Penick

Penick


Timothy Darrell Penick, 39, of Forest, pleaded responsible to 1 depend of wire fraud in U.S. District Courtroom in Lynchburg in Might 2021. 

“This defendant violated the belief of his purchasers by way of his fraudulent habits,” United States Legal professional Christopher R. Kavanaugh mentioned in a information launch. “I’m grateful for the work of the native, state, and federal regulation enforcement companies that introduced him to justice and can present the victims on this case with restitution for the crimes dedicated towards them.”

Based on Assistant U.S. Legal professional Michael Baudinet, Penick based Lighthouse Properties of Virginia in 2011 and began a scheme to defraud a number of  householders associations and property house owners across the center of 2018.

Based on a information launch from the trial, Penick straight accessed financial institution accounts of the corporate’s purchasers and transferred cash to different accounts he managed. He hid the transfers by creating fraudulent financial institution statements for these purchasers, which weren’t licensed by the people.

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Penick was the one licensed proprietor and handler on the Lighthouse Properties accounts, in accordance with the information launch.

Penick, who took the stand throughout Wednesday’s sentencing listening to, mentioned the cash was taken to pay for a number of issues at Lighthouse Properties, specifically payroll.

Penick mentioned the corporate was “undercapitalized” from the beginning.

Choose Norman Ok. Moon mentioned Penick was “robbing from Peter to pay Paul.”

Baudinet mentioned when the corporate turned strapped, Penick determined to “flip to fraud” and created what the Baudinet known as a “refined scheme” just like a Ponzi scheme.

The U.S. Legal professional’s Workplace sought a most 51-month sentence for Penick along with the massive quantity of restitution to be paid again.

Penick, who apologized in courtroom Wednesday to a number of of the folks he defrauded, mentioned he “understands the egregious nature of the offenses” and whereas he must pay restitution, which in accordance with a tally that Moon learn in courtroom Wednesday totaled greater than $950,000, he is aware of he can by no means “make it entire.”

Moon ordered Penick to report for his sentence no sooner than Sept. 1, as he finishes on-line programs for a level program, in addition to to pay restitution upon his launch.



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