5 On Your Side

Real Estate Investor Faces Second Federal Indictment

Posted January 26, 2006 7:50 a.m. EST

— There is more trouble for the man at the center of a Five On Your Side investigation and a builder who worked with him.

Real estate investor Jim Davis now faces a second federal indictment. Davis and builder David Layton are accused of conspiracy, fraud and making false statements.

The charges involve Davis' companies -- Easy Financial Services and Eagle Investment Group.

Prosecutors say Davis and Layton orchestrated an elaborate real estate scheme involving investors, renters, buyers, sellers and home builders. Both are currently in jail.