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Evergreen Homes LLC - Resdiential
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2007-04-29
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stories: highbeam.com, ohio.com, the-review.com
According to highbeam.com, Akron, Ohio-based Evergreen Homes LLC filed for bankruptcy in late April of 2007. Evergreen Homes was related parties with Evergreen Investment Corp and Evergreen Builders. Evergreen Investment Corp's CEO David Willan "is charged with multiple first-degree felonies in a 147-count Summit County indictment alleging widespread Akron-area mortgage fraud" according to an Ohio.com article. An article from The-Review.com:
The recent indictment in Akron of individuals alleged to be involved in a mortgage fraud scheme has a connection to Stark County.
"These individuals were caught cheating hundreds of people in a complex mortgage fraud system," said Summit County Prosecutor Sherri Bevan Walsh Thursday at a press conference. "They schemed and lied to more than 500 individuals who were the most vulnerable -- such as seniors and individuals least able to afford the dream of buying a home."
Authorities say Evergreen Investment, Evergreen Homes and Carnation Banc had been involved in the alleged schemes since 2002.
Apparently, Evergreen had some 93 proprties in Stark County, Ohio.
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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.