United States v. Douglas Hauck

PAUL KELLY, Jr., Circuit Judge.

Background

Defendant-appellant Douglas Hauck was a licensed real estate agent in Colorado. Together with Daniel Hoover and Richard Jorgenson, the principals of an organization called RAM Marketing, Mr. Hauck began to utilize several “no-money-down” schemes to sell properties, including “coin-vesting” with buyers who could not qualify for loans. Mr. Hauck supplied downpay ment money by collecting unusually large commissions from sellers, i.e. 20.5% to 22.-5%. After a property had been purchased and its mortgage insured by HUD, Mr. Hauck would transfer his interest…