Ex-Texas Broker Sentenced for Mortgage Investment Scheme

March 4, 2010
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Former Texas Broker Sentenced In Mortgage Investment Scheme

Houston, Texas – David Isaac Lapin is a former broker connected with the failed Premiere Holdings of Texas LLC that has been found guilty and sentenced to prison for failing to disclose a crime to authorities and covering up material facts from investors. Lapin pleaded guilty on February 16, 2010, to criminal information charging him with misprision of a crime.

He was sentenced to 36 months in federal prison without parole and fined $60,000 in connection with the operation of Lapin and Wigginton Asset Management, a subsidiary of Premiere Holdings LP – a real estate investment program. Lapin and co-defendants, attorney Ted Russell Schwartz Murray and Jeffrey Carl Wigginton Jr., were prosecuted in August 2006. Murray was convicted following a lengthy trial and is serving a 20-year prison term. Wigginton pleaded guilty and is serving a three-year sentence.

Lapin acknowledged that he and Wigginton failed to live up to their fiduciary responsibilities to investors. As such, Lapin and Murray failed to disclose to investors that Premiere Holdings charged fees ranging from 15 -25% from investor funds.

On bond since the time of his arrest following the return of the indictment in 2006, Lapin was ordered into the custody of the U.S. Marshals Service immediately following the hearing to begin serving his prison term.