Arizona Attorney General's Office Sues 2 Tucson Real Estate Companies
Arizona Attorney General Mark Brnovich is suing two Tucson-based real estate companies for consumer fraud.
Both businesses are managed by the same person, whose companies have been under investigation by the state Attorney General’s Office for several years.
Deed and Note Traders and 881 Home are both operated by David Kinas, according to the Better Business Bureau.
Both companies allegedly sold homes under wrap mortgage arrangements, then failed to make payments on the underlying mortgages, causing foreclosure, according to the lawsuit.
The lawsuit also states Kinas allegedly failed to make his loan payments despite taking thousands of dollars of down payments from customers.
The Attorney General's Office found that Kinas is not a licensed real estate agent or mortgage broker.
The lawsuit seeks restitution of up to $10,000 in civil penalties.