Real es­tate agent ad­mits tak­ing more than $22M from clients

Chattanooga Times Free Press - - REGIONAL NEWS -

An At­lanta area real es­tate agent pleaded guilty to swin­dling more than $22 mil­lion from clients over a pe­riod of two years.

The U.S. at­tor­ney’s of­fice in At­lanta said in a news re­lease Fri­day that 57-year-old Emily Mo­er­dermo Fu pleaded guilty Thurs­day to mail fraud.

Fu of­fered a range of ser­vices to in­vestors in com­mer­cial prop­er­ties around the At­lanta area. Pros­e­cu­tors said the in­vestors dis­cov­ered ir­reg­u­lar­i­ties in records and in Novem­ber con­fronted Fu, who ad­mit­ted to em­bez­zling around $930,000.

Pros­e­cu­tors said Fu told in­vestors she com­pleted clos­ings when she di­verted the loans and in­vest­ment funds for those “ghost pur­chases” for her pur­poses. They say she also hadn’t fol­lowed through on com­mer­cial real es­tate pur­poses worth mil­lions.

Sen­tenc­ing for Fu has not been sched­uled.

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