More Indictments for the Fine Employees at Rysar Properties


Last year, we introduced you to some of the upstanding employees at Rysar Properties. As the biggest home builder in Cleveland, the company liked to brag about its stellar team. But at least two of those team members, Vince Ruggieri and Ed Tekieli, had admitted to being involved in a scheme to defraud the feds [“Man With a Past,” June 28, 2006]. A third, Otis Bevel Jr., had twice pleaded guilty to defrauding mortgage lenders. He was actually hired fresh from the slam. Now it appears he’s returned to his old ways… Last week, Cuyahoga County prosecutors indicted Bevel (along with his wife and sister) for — you guessed it — mortgage fraud. This time, he’s accused of using false documents to help unqualified people buy homes. From the Sun Press:
“The group would charge people who were desperate to buy a home but could not afford one between $50 to $500 apiece for fake W-2s, tax returns and credit reports… Bevel's customers would then present those documents to title companies and lenders. When loan companies would call to verify the fake documents, they would reach phones in Bevel's South Euclid offices, where employees would verify the false information.”
Not the most inventive scheme, true, but it was successful. According to the prosecutor’s office, the scam involved at least 30 people and 51 houses. As for whether Bevel still works for Rysar, that’s anyone’s guess. The website that once proudly displayed his face is no longer working. – Lisa Rab


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