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FL Home Restorer Gets Prison Term

Tuesday, July 1, 2014

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A Tampa businessman will serve four years in prison for lying about millions of dollars worth of contracts in an effort to defraud investors, authorities say.

Brian Marshall, 50, of Tampa, Fla., was sentenced June 9  in connection with the sale of Home Solutions of America Inc. stock, the U.S. District Attorney's Office for the Northern District of Texas announced.

Hillsborough County Sheriff's Office / Bizjournals.com

Brian Marshall, 50, was sentenced to four years in federal prison for his role in a scheme to defraud investors.

Marshall pleaded guilty in November to one count of securities and commodities fraud.

The Plot

Marshall was a vice president and board member of Home Solutions of America, a NASDAQ-traded company that was based in Dallas before it moved to New Orleans in July 2008. Home Solutions provided construction and restoration services, including new construction and restoration after hurricanes and other natural disasters.

Home Solutions conducted some of its business through its largest subsidiary, Tampa-based Fireline Restoration Inc., which was based in Tampa.

According to court documents, Marshall admitted that between December 2006 and August 2007 he engaged in a scheme to defraud public investors by fabricating false and fictitious revenue, operating income and costs in a series of construction contracts in Tampa.

$4M Contract

Marshall, the president of Fireline, entered the firm into construction contracts with private companies that he wholly or partially owned, including a $4 million contract for construction of his personal residence, prosecutors said.

FFETF
Financial Fraud Enforcement Task Force

The Financial Fraud Enforcement Task Force says it is the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to fight fraud.

He said he recorded bogus revenue and income on the contracts, but little, if any, work was actually performed.

Marshall also reported false revenues, costs and income on the construction projects to public investors in Home Solutions’ second quarter of 2007.

Frank J. Fradella of Covington, LA, who was the CEO of Home Solutions, has also pleaded guilty to securities fraud in the Eastern District of Louisiana and is scheduled to be sentenced Sept. 24.

Fraud Task Force

This case is one of many underway by the federal Financial Fraud Enforcement Task Force (FFETF), a broad coalition of investigative, regulatory and  which was created in November 2009 to to investigate and prosecute financial crimes.

The FBI conducted the investigation with the Enforcement Division staff of the Securities and Exchange Commission, conducted the investigation. Assistant U.S. Attorneys J. Nicholas Bunch and Andrew Wirmani prosecuted.

   

Tagged categories: Business management; Construction; Criminal acts; Laws and litigation; Lawsuits; Residential Construction

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