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‘Property Wars’ star takes plea deal in Phoenix fraud case

October 21, 2017  |  Posted by: Francesca Falzarano
‘Property Wars’ star takes plea deal in Phoenix fraud case Scott Menaged (Photo: Discovery Channel)

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Former “Property Wars” star Scott Menaged accepted a plea deal in a fraud case in Pheonix on Tuesday in which he will be required to pay $2 million in restitution and serve at least ten years behind bars.

Menaged had pleaded not guilty back in May.

The plea agreement indicated that Menaged and three others acquired over 2,700 loans between 2013 and 2016 worth over $730 million, Fox News reported.

Menaged pleaded guilty to the embezzlement of $34 million for personal expenses, car payments, trips to Las Vegas, gambling and significant transfers of funds to friends and family.

“Scott Menaged pleaded guilty to conspiracy to commit bank fraud, aggravated identity theft, and money laundering,” IRS Special Agent Brian Watson stated.

“It was a scheme where they were obtaining loans they weren’t entitled to, using the names of deceased individuals to get loans,” Watson stated.

Menaged will spend between 10 and 17 years behind bars.

“For a crime that did not involve violence, and did not involve the sale of narcotics, a 10- to 17-year prison term for a white-collar crime that involved loan fraud is a huge sentence,” Watson continued.

A judge will make the final decision on how much time he will spend in prison at a later sentencing hearing.

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