Housing News

What’s With “Bernard” and “Scam”?

One day, it’ll be as eponymous as others.

There must be something about the name “Bernard” that draws it to fraud. Forget about Madoff – someone’s going to take his place.

Recently, Bernard Coker was sentenced 2 to 5 years in jail, after pleading guilty to theft and other charges filed by several New Hampshire residents. In a house-flipping scam, Coker was able to pocket almost $600,000 just by luring people to hand him their money as he supposedly invested them in real estate. That’s very “Bernie Madoff” in fashion, folks.

The Buck Courier Times reports, “… Coker was supposed to put the victims’ names on the mortgages and provide them with documents guaranteeing they would get their money back, with a tidy profit. Instead, prosecutors say, he pocketed the cash or used it to pay other creditors. Investigators also found that he was not licensed to offer secured loans.”
We’re most startled with the opening lines of the report that reads, “… The judge rejected Bernard Coker’s excuse that the poor housing market caused investors to lose $540,000.”

Not a lousy excuse, right?

With the name and deviousness, Madoff and Cocker’s similarity ends there. The former committed a bigger crime but then again, he still lies so well. On the other hand, Coker may have thought that the judge is a big ignoramus all this time.

So much for being defensive, Mr. Coker.

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