TAX LIEN SALES TO PRIVATE COLLECTION BUSINESSES
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Cuyahoga County Land Bank- Gus Frangos President Con Artist? JESUS!!!!
Submitted by Gone Fishin on Sun, 02/17/2013 - 21:27.
Is Gus Frangos , President of the Cuyahoga County Land Bank, really a solution to the foreclosure crisis, or is Frangos nothing more than a con artist who has actually contributed to the foreclosure crisis?
In my opinion - which is based upon the following information obtained via public records- Gus Frangos is nothing more than a con artist.
A con artist in charge of all of Cuyahoga County tax payer's property. A very risky situation.
The above property is located at 6311 St Clair Avenue in Cleveland, Ohio. According to county records, Gus Frangos was the sole owner of this property prior to Gus Frangos incorporating a LLC and transferring the property to the self-created LLC, 6311 St Clair LLC.
Gus Frangos obtained a mortgage on this property and agreed to be 'individually' responsible for the repayment of the mortgage in the amount of $98,231.00
Gus Frangos failed to repay the loan and a lawsuit was filed against Frangos, Case No. CV 12 780529.
According to county records, the property located at 6311 St Clair is tax delinquent in the amount of $6,875.22.
The above property is located at 1188 East 61st Street in Cleveland, Ohio.
Gus Frangos was the sole owner of this property prior to transferring the property to 1188 East 61 Apartments, LLC.
According to county records, Frangos received a mortgage in the amount of $100,000 for this property:
And Gus Frangos signed the mortgage paperwork as being the owner of 1188 East 61 LLC
The deed was transferred to a new alleged owner for the selling price of $169,000. I did an extensive search attempting to find the mortgage release relative to this property assuming that Gus Frangos would pay off the $100,000 mortgage on the property after he allegedly sold the property for $169,000. I was unable to find a mortgage release for this property.
Now the property is vacant and deteriorating- contributing to the foreclosure crisis. Delinquent property taxes owed $ $8,952.15.
The above property is located at 1158 East 61st Street in Cleveland, Ohio.
The property transferred into another Gus Frangos' self-created LLC, 1158 East 61st Street LLC and was purchased for $125,000.
According to county records, Gus Frangos received and signed a mortgage for this property in the amount of $175,000
I did an extensive search attempting to find the mortgage release relative to this property assuming that Gus Frangos would pay off the $175,000 mortgage on the property. I was unable to find a mortgage release for this property.
This property is vacant and certainly was NEVER worth $175,000. Tax delinquent in the amount of $17,220.04.
A delinquent property tax foreclosure was recently granted for this property and ordered for sheriff sale - contributing to the foreclosure crisis.
The property will be up for sheriff auction twice. If there are no bidders, the property will default to the lein holder- Cuyahoga County.
According to county records, the property located at 1154 East 61st Street is owned by 1158 East 61 LLC.
Delinquent property taxes $8,477.39.
The above referenced documents are relative to the property located at 907 East 70th Street.
12-11-01 property transferred to Gus Frangos and Lamar Young
12-11-01 (same day) property transferred to Gus Frangos
30-MAY-02 Gus Frangos transferred the property to Quinn Court Propeties, LLC
And on March 4, 2002, the Incorporator/ Statutory Agent for QUINN COURT PROPERTIES, LLC was Gus Frangos.
Once again, the pattern of delinquent property taxes for several years.:
And again, the pattern of Gus Frangos being named as a defendant in a lawsuit for failing to pay the $98,702.60 mortgage
ANOTHER EXAMPLE OF THE LLC CREATION AND LACK OF PAYING PROPERTY TAXES:
913-917 E 17 ST, address
105-16-088, parcel #
12/11/01 transfered to Gus Frangos
5/30/02 transferred to Quinn Court Properties, LLC. - a Gus Frangos self-created LLC.
Another pattern of delinquent property taxes for years:
1325 Carnegie Avenue, address
101-38-045 and 103-38-046, parcel #'s
Owner Engine House No. 3 1325, LLC
Louis Frangos/ Agent for Engine House No. 3 1325, LLC
Gus Frangos/ Incorporator for Engine House No. 3 1325, LLC
Delinquent Property Taxes for years
Gus Frangos named Ladon Ruffin as an agent for several of the self-created LLC's properties.
On September 15, 2011, Ladon Ruffin appeared in court and gave sworn testimony that Gus Frangos is the owner of the above mentioned properties and several other properties. Ladon Ruffin swore under the pains and penalties of PERJURY that he worked for Gus Frangos to collect and hand over rent money- and that he last worked collecting rent six months prior to the September 2011 court hearing:
Gus Frangos is a master at creating LLC's and hiding property behind the LLC's.
For a couple hundred dollars, one can simply create another LLC and continue on with the shell con game.
According to the Ohio Secretary of State business records, Gus Frangos has incorporated 132 businesses / LLC's and is/was the agent for 43 more entities.
According to Frangos' biography, he has been a public employee since 1986. It is amazing that Frangos could find the time to incorporate and/or be the agent for 175 entities during his public service.
Demolition is big business in Cuyahoga County and the county's land bank desires to demolish everything in sight.
I suppose it makes sense for those pushing for demolition to continue the fight to get more federal funds for demolition, especially when those pushing have ties to a demolition company:
I traced Den Demolition to the Frangos' family.
I wonder if DEN DEMOLITION gets county contracts?
The responsible person listed for Den Demolition is Firdeo Satka. The Satka family entered the real estate business by leasing Cleveland parking lots. Satka might have been aided by unusual funding by St. Paul Creation Federal Credit Uniion and is being investigated for the unusual funding. Satka has allegedly engaged in the shell game of hiding businesses under numerous LLC's- same as Gus Frangos.
Very interesting information on the Satka family here http://www.lovelakewood.com/blog/2012/07/22/credit-union-collapse-touches-noted-lake-ave-house/
According to a complaint filed in the United States District Court, the numerous fictitious entities created and/or controlled by the Satka family resulted in loans from St. Paul Creation Federal Credit Uniion in the amount of $3,543,821 being reduced to a zero balance. http://www.lovelakewood.com/pdf/law/120722_satka_aff.pdf
Gus Frangos incorporated 15315 Madison LLC and named Louis Frangos as an agent.
The property located at 15315 Madison Avenue transferred from 15315 Madison Avenue LLC to the Satka family on 6/28/04 for $320,000.
I have based my 'con artist' opinion on the above information.
Obviously Gus Frangos is well liked and connected, but so was Jimmy Dimora and Frank Russo.
It is my opinion that Gus Frangos is a very dangerous person to be in charge of the county land bank and he needs to be removed immediately.
* My blogs expressing my Freedom of Speech Rights- especially on matters of public concern - are my opinion and not the opinion of my friends, family or employer*
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