Authorities say that between 1996-1998, Walker transferred the deeds into his own name by forging the rightful owners' signatures. He then used the phony deeds to secure more than $900,000 in mortgage loans and to sell some of the properties to unwitting buyers for a total of more than $700,000.
Walker's victims included the owners who had their properties sold out from under them, the people who purchased the properties, the private lending companies that gave him the mortgages and the title insurance companies that guaranteed the real estate deals.
Walker was accused of 23 counts of grand larceny in connection with the deals and was being held on $100,000.00 bail. If convicted, Walker would face 5 to 15 years in prison on each count.
"While most of us believe that it is not possible to get something for nothing, Walker is accused of doing just that," said the Brooklyn District Attorney. "With nothing more than a few pieces of paper - forged deeds - he turned nothing into $1.6 million."
According to Hynes, the unnamed title companies that guaranteed the sales of property are legally bound to reimburse any buyer who purchased a building from Walker, and, without a change in the law, there is really no way to prevent such a scheme from occurring again.