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