Ponzi scheme or smart investor? Brash landlord draws attention of authorities

From Journal Sentinel, “What started as a neighborhood dispute has morphed into a City Hall call for an FBI investigation into how a Milwaukee landlord has raised millions of dollars to fuel his real estate empire.

Through his American Community ReDevelopment Group LLC and dozens of limited liability companies, Rezny says he has an ownership or management interest in about 225 rental units in the Milwaukee area.

“It appears that Mr. Rezny purchases properties in the name of one LLC, takes out a mortgage from a private individual or IRA then sells that property to a different Rezny LLC for a profit to pay off the mortgage. The nature of these transactions seem to be akin to a mortgage ‘Ponzi scheme.‘ “”

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