Virginia Real Estate Investor Files Chapter 7 Bankruptcy

Written by CFB Blogger. Posted in Blog

James Ashby Moncure, a Fredericksburg, Virginia, real investor, has filed Chapter 7 bankruptcy. The involuntary Chapter 7 bankruptcy was filed against Moncure by Brent and Doris Higginbotham and their three children, who maintain that Moncure owes them $2.66 million from six different promissory notes dated from 2010-2013. According to a recent article on www.fredericksburg.com by Bill Freehling, “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 area. On March 4, he sent a long email to noteholders indicating that he would not be able to repay the promissory notes.” Fredericksburg police and the FBI have been investigating this case under code sections involving obtaining money by false pretense and securities fraud. Detectives have identified approximately 45 people whose total losses exceeded $15 million. Although, to date, charges have not been filed, police state that there could be a separate charge for each victim of this alleged fraud. The article avers that, according to a search warrant affidavit, Moncure withdrew “large amounts of cash” from a number of banks and wired approximately $1.286 million from one account to several others earlier this year. Some of Moncure’s investors had been told that their money would be used for land investment near the Quantico Corporate Center (QCC) development. In addition to being a QCC partner with his two brothers, Moncure owns all or parts of 16 different properties, including Moncure Valley, Saranna, Quantico Business Center, Quantico Business Center II, Moncure Brothers and Minor Moncure. According to court documents, Union First Market Bank and a division of the Silver Cos. are among those with claims against Moncure. Silver Capital, a division of the development firm, lent Moncure $400,000 in the form of a promissory note, last August. The loan was to be repaid with proceeds from sales of real estate Moncure owns, Freehling writes. From the news account, “Depending on the outcome of the case, there is a chance that Moncure noteholders could take advantage of a provision in the U.S. tax code that allows victims of fraudulent investments to take an ordinary deduction in the amount of the theft loss during the year in which the scheme was discovered…” Bankruptcy fraud is a federal crime.  The attorneys at Client First Bankruptcy take their obligation seriously.  Our attorneys approach each case with care and precision and we request relevant documentation to be able to protect its clients from allegations like these.  Don’t go to less experienced or less careful attorneys who try to sell you on ‘fast relief’ or ‘speedy filings’.  Haste often leads to bigger problems than those that caused the client to seek representation in the first place. The Client First Bankruptcy attorneys are among the most knowledgeable consumer bankruptcy attorneys in the U.S., representing thousands of new clients annually in consumer bankruptcy cases. Call us toll-free at 800-383-6004 Monday-Friday from 8:30 a.m.-6:00 p.m. Central Time and log onto our easy-to-navigate, interactive website at www.clientfirstbankruptcy.com for timely and vital information on filing your Chapter 7 or Chapter 13 bankruptcy.