Monday, April 15, 2013
Gulen foreclosed property for failed Fulton Science Academy purchased at auction by Turkish investors
In 2012, the Atlanta-area Fulton Science Academy (FSA) borrowed $19 million to buy land to expand their campus. FSA quickly defaulted, and Wells Fargo sued them. On Feb. 5, the land was sold at a foreclosure auction for $3.2 million according to the Atlanta Journal-Constitution:
The winning bidder? A recently incorporated company called “TruGlobe,” with three Turkish officers, who were somehow able to come up with over $3 million on the day of the foreclosure sale, at which cash or cashier’s checks are normally required as immediate payment.
Both the Fulton Science Academy and TruGlobe have addresses in Alpharetta, Georgia. The similarities between the entities indicate probable collusion between the Gulen charter school and the winning bidder prior to the sale. It is worth noting that bid rigging at foreclosure auctions is a growth area for criminal activity
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