Minnesota Man Charged in Real Estate Fraud Scheme

Timothy Lynn Beliveau of Mound, Minnesota, was charged with allegedly swindling 14 investors and their lenders out of more than $2.5 million through a real estate fraud scheme. According to B. Todd Jones, U.S. attorney for the District of Minnesota, the indictment charges that Mr. Beliveau, while owning U.S. Housing & Financial Services, a company that assisted homeowners who were close to losing their homes to foreclosure, and American Alliance Mortgage Group, a mortgage brokerage company, allegedly orchestrated a scheme to defraud vulnerable homeowners and induce investors to purchase distressed real estate from those homeowners at inflated prices. The alleged scheme created a pool of funds Mr. Beliveau then allegedly used to buy boats, motorcycles, a Florida vacation home and other personal items. Mr. Beliveau could not be reached for comment.