Virginia Real Estate Investor under Investigation for Fraud

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James Ashby Moncure, a Fredericksburg, Virginia-area real estate investor under investigation for fraud, has filed a list of some 97 creditors, individuals and organizations, to whom he owes money. This is a requirement of his recent, ongoing Chapter 7 bankruptcy filing. According to an article on www.fredericksburg.com by Bill Freehling, the creditor’s list includes Ameritrade, ANDO Properties and Investment, Columbia Gas of Virginia, COF-FIDE, Inc., Discover Card, IRS, Lexus Financial Services, Rynex Enterprises, Inc., Union First Market Bank and the Virginia Dept. of Taxation. The news report states that “Moncure is being investigated on claims that he borrowed money from people and did not use the funds for the stated purpose of making real estate investments in the Fredericksburg area. On March 4, he sent a long email to noteholders indicating that he would not be able to repay the promissory notes. Fredericksburg and FBI detectives say they have now identified almost 50 possible victims and $20 million in losses in the case. They are investigating the case under code sections involving obtaining money by false pretense and securities fraud. No charges have been filed.” Moncure, a former stockbroker, is an investor in the Quantico Corporate Center along with his two brothers and others. Some of those who lent money to Moncure were told that the funds would be used for land investments near the business center. One would-be investor is Ty Schieber, a former member of the Stafford Board of Supervisors, who is listed as one of the 97 creditors. He alleged that Moncure approached him with an opportunity to acquire land around the QCC and that it is regrettable that the successful QCC development has gotten involved in the case. The Client First Bankruptcy attorneys are among the most knowledgeable consumer bankruptcy attorneys in the U.S., representing thousands of clients in Chapter 13 and Chapter 7 bankruptcy cases. Client First Bankruptcy attorneys answer their phones Monday thru Friday from 8:30 a.m. – 6:00 p.m. (Central Time) so you can get your initial complimentary consultation at a time that is convenient for you. Our aggressive representation and extensive experience have earned Client First Bankruptcy a national reputation for excellence in the representation of debtors in financial distress. Call us toll-free at 800-383-6004 and log onto our easy-to-navigate, interactive website at www.clientfirstbankruptcy.com for timely and vital information on filing your Chapter 13 or Chapter 7 bankruptcy.

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President of Beleaguered Airline Files Chapter 7 Bankruptcy

Written by CFB Blogger. Posted in Blog

Ed Warnack, one of the founders and president of Direct Air, a low-cost, private airline, has filed for Chapter 7 bankruptcy. Warnack is claiming over $26 million of debts and only about $200,000 in assets. The airline abruptly ceased operations in March 2012. The Chapter 7 bankruptcy filing effectively stops the lawsuit recently filed by the bankruptcy trustee in Direct Air’s corporate bankruptcy case. According to a story appearing on StarNewsOnline, the bankruptcy trustee in this case is attempting to recover over $550,000 that the Myrtle Beach, South Carolina-based airline paid to Warnack. The trustee is also seeking to recover approximately $2.7 million the charter paid to the three other founders, as well as unspecified punitive damages. When Direct Air suspended operations, it left many passengers holding worthless tickets. According to the article, flights were often canceled within 30 minutes of scheduled departure times. This was due, in part, to unpaid fuel bills that left planes unable to takeoff. The budget-oriented airline was known for its low fares and flights to cities that didn’t have nonstop service to Myrtle Beach. Direct Air was often used by tourists flying to the Grand Strand on golf junkets. Your overwhelming debt is a serious matter that you need to deal with now. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Client First Bankruptcy at your side to guide you through every intricate step. Log onto www.clientfirstbankruptcy.com for important and up-to-date information on filing your personal bankruptcy or call us toll-free 800-383-6004 for your free initial consultation. We answer our phones Monday through Friday from 8:30 a.m. – 6:00 p.m. Central Time so you can get answers when you need them.

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