Homebuilder Sentenced to 50 Years in Prison for Hiding Money, Not Paying Restitution NBC 5 Dallas-Fort Worth
Table of Content
Because of the depth of information and severity of the consequences for builders, we’ll explore this topic in two articles. This article will deal with what trust funds are, and the consequences for the misapplication of those funds. BuildZoom combines license information on 3.5 million contractors with 270 million building permits, and over 135,000 reviews from property owners.
The Texas Attorney General's office recommends getting several bids before hiring a contractor. Do not automatically accept the lowest bid - an abnormally low bid may indicate the contractor made a mistake and is not including the same work quoted by their competitors. The Texas Department of Licensing Regulation does not require general contractors to carry a surety bond nor is there a state recovery fund.
Brian Reiff's Email & Phone Number
Texas builders can be criminally liable for failing to comply with financial bookkeeping requirements and misusing construction funds paid by the owner. While many district attorney offices are reluctant to prosecute construction industry fraud, some DA offices will seek criminal prosecution in egregious circumstances. As a result, a builder needs to be aware of what conduct could be considered criminal. "We gave Mr. Cole deferred adjudication from the outset in hopes that he would pay his restitution," Pruett said. Similarly, in May 2018, a builder, Joseph Charles “Chuck” Cole, contracted with an owner in Parker County to construct a residence, but misused the owner’s money.
If you prefer quiet mornings and breathtaking scenery right outside your door, we’re the builder for you. As specialists in Denver urban infill, we successfully meet the challenges presented by zoning administration and building departments. As Certified Aging in Place Specialists, we have the knowledge and experience to make your environment functional for all ages and abilities. Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
Homebuilder Sentenced to 50 Years in Prison for Hiding Money, Not Paying Restitution
If the builder misapplies trust funds amounting to $500 or more, it is a Class A Misdemeanor with a potential fine up to $4,000 and up to one year in jail. If the builder misapplies trust funds amounting to more than $500 with the “intent to defraud,” the builder could face a Third-Degree Felony with a potential fine up to $10,000 and jail confinement for no less than 2 years and no more than 10 years. Importantly, monies received that are to pay the builder’s fees are not considered trust funds. As to the money that is considered trust funds, if a builder misuses these funds, the builder can be criminally and personally liable. Instead of paying the restitution, he bought a beach house near Destin, Florida, put some money in a trust for his daughters, and bought and paid off several vehicles including a Porsche and BMW for himself and his family.
In his previous positions, he has worked with line of business technology and business growth. He has three years of experience of working with the systems, technology, organization and growth of the company.He has experience in both technical and interpersonal work. He has exceptional technical abilities in area of Network Systems Administration, which include significant experience and expertise in systems Administration for large multinational organizations - a critical absence for many current IT Directors. He also has excellent interpersonal abilities, which he demonstrates by being able to develop strong relationships with his co-workers and clients. He succeeds in communicating effectively, and has a knack for timing his interventions just right.He has experience in both technical and interpersonal work.
Chuck Cole Email Address
The Texas Department of Licensing and Regulation regulates HVAC and electrical contractors. You should verify their license status on the TDLR Website before hiring. General contractors and home builders are not licensed so you should do additional research before hiring one. Joseph Charles "Chuck" Cole, 55, of Maypearl, was placed on deferred adjudication in May 2018 for misapplication of fiduciary property over $200,000, a first degree felony.
After a restitution hearing last August, District Judge Craig Towson, who presided over the case, assessed Cole's restitution at $1,500,358. Joseph Charles “Chuck” Cole, 55, of Maypearl, was placed on deferred adjudication in May 2018 for misapplication of fiduciary property over $200,000, a first-degree felony. After a restitution hearing last August, District Judge Craig Towson, who presided over the case, assessed Cole’s restitution at $1,500,358.
Our team has built and remodeled hundreds of Colorado homes and commercial buildings valued at well over fifty million dollars. Building and remodeling across the South Metro Denver Area, we strive to get the job done right the first time, on schedule and on budget. “It is builders like Mr. Cole that make things more difficult for the legitimate, upstanding builders across our state. People are rightly skeptical and wary because con artists posing as homebuilders are a real problem. That is really unfortunate because most in the construction business are upstanding folks making people’s dream homes become a reality,” Swain said.
According to the records, Cole took over a half million dollars of that money and bought a beach home near Destin, Florida, which he then put into a trust for his daughters. He also spent over $125,000 to purchase or pay off several vehicles for himself, his wife, and children, including a Porsche and a BMW. According to the records, Cole took more than a half million dollars of that money and bought a beach home near Destin, Florida, which he then put into a trust for his daughters. He also spent more than $125,000 to purchase or pay off several vehicles for himself, his wife, and children, including a Porshe and a BMW. Alexander submitted payment invoices to the dealership owner for work completed by sub-contractors, but Alexander was not fully paying the sub-contractors.
This degree provided him with the skills and knowledge necessary to start and operate his own business. Reiff has now been working as a business analyst in the manufacturing industry for over 10 years. This experience has equipped Reiff with the skills and knowledge necessary to understand and analyze manufacturing finances and performance. BuildZoom is a database of every licensed contractor in the United States. We work hard to figure out who the great contractors are, and who the bad contractors are.
Whether you are looking to install new hardwood, laminate, or refinishing your existing floors, we can help with all. Use our remodeling calculator to get a ballpark estimate for your project. If you're ready to hire, use our bidding system to get actual quotes from local contractors. Homeowners whohire through BuildZoom's free bidding system report high rates of satisfaction, and homeowners who research contractors online are twice as likely to be happy at the end of their project.
"He had the money. He had over a million dollars he could have paid back when he was on probation." Through the years, we built a thorough reputation for superior quality and customer service. Now one of North Georgia and Western North Carolina's leading design-build firms, Brown Haven Homes is transitioning from building high-end custom homes... Brian Reiff has been working as an Executive in nearly every field he has touched.
He was convicted and placed on probation with deferred adjudication for misapplication of fiduciary property over $200,000 and ordered to pay over $1 million in restitution. The purpose of the Act is to protect those furnishing labor or materials for the construction or repair of property by requiring that funds are held in trust for all parties in the construction chain. The thought is that because most of the money builders receive from owners is typically owed to others – subcontractors and vendors – the builder holds the money in trust for those to whom it is owed.
Comments
Post a Comment