(Source: Arizona Daily Star)

Arizona Attorney General Terry Goddard has filed a lawsuit against a group of Tucson real estate agents and businesses, alleging the group devised a three-pronged scheme using rent-to-own properties to defraud investors, lenders and homebuyers.

The scheme affected more than 130 investors and more than 270 prospective homebuyers, according to the complaint filed June 22 in Pima County Superior Court.

“The violations alleged in this lawsuit are among the worst abuses of vulnerable consumers that I’ve seen in my time as Attorney General,” he said in a news release. “This sort of behavior is unconscionable.”

The suit claims the overall scheme netted those involved between $2 million and $10 million.

Read Brian J. Pedersen’s full article “AG sues Tucson real estate agents for ‘unconscionable’ behaviour” in the Arizona Daily Star (July 9, 2009).

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