Federal Trial Begins For Real Estate Investor Charged With Fraud
Posted July 17, 2006 9:12 a.m. EDT
GREENVILLE, N.C. — The federal trial began Monday for a real estate investor charged with conspiracy, fraud and making false statements.
Prosecutors say that Jim Davis, through his companies Easy Financial Services and Eagle Investment Group, and builder David Layton orchestrated an elaborate real estate scheme that involved investors, renters, buyers, sellers and homebuilders.
Earlier this year, Layton pleaded guilty to conspiracy charges. His sentencing is set for September.
If convicted of the fraud charges against him, Davis could spend up to 20 years in federal prison, authorities have said.