A former Danville resident, real estate expert and FOX news contributor has been charged with felony embezzlement by the Contra Costa County District Attorney's Office.
Ken E. Beasley, 67, a New York foreclosure consultant, author of several real estate books and a regular on the Neil Cavuto Show was charged Tuesday in a "complex real estate fraud scheme," according to a release.
The embezzlement took place in 2006 when a New York property owner entrusted Beasley with more than $1.1 million to buy three income properties in Las Vegas. Instead, Beasley kept the money for himself.
The victim originally hired Beasley based on his national reputation as a real estate expert and Beasley's 2005 book, "Understanding and Using the 1031 Tax Exchange Process."
Beasley provided the victim with false documents claiming three Las Vegas properties had been purchased in the victim's name. Beasley also wired monthly rental income payments to the victim to continue the deception.
The victim discovered the fraud after conducting a title search on the properties that he thought he owned.
In 2006, Beasley owned a Danville business called Network Exchange, which permitted real estate investors to defer capital gains taxes on the sale of real property by exchanging it for like-kind property within 180 days. In general, any type of investment property can be exchanged but personal residences cannot be.
Contra Costa County District Attorney's Investigation Unit investigated the allegations against Beasley.