LAS VEGAS (KLAS) — A real estate scam investigated by Henderson police cost one victim $2.1 million, and may involve 12 other victims, according to an investigation revealed in a Henderson Police Department warrant document.
Kory L. Scheeler, 60, faces 10 counts of theft and 10 counts of forgery in real estate transactions that began in 2016. Each count of theft is associated with a transaction that was greater than $100,000.
Scheeler is accused of buying homes for the purpose of flipping them for a profit — but duping investors by using multiple investors for the same properties. In the end, the investors were left owning nothing, and Scheeler had the properties sold at auction.
Scheeler is scheduled to appear in Henderson Justice Court for a preliminary hearing on Aug. 11. He has been released from custody and placed on electronic monitoring.
One victim who is at the center of an investigation disclosed by Henderson police invested $5.7 million in a company called EH3 in 2016. By late 2018, the victim realized something was wrong.
The investor believed he had purchased 26 homes, but his name was only on one of the deeds — and only for a short time.
The investor told Henderson police he confronted Scheeler.
“Kory admitted to him that he had ‘messed up’ and that he was in a lot of trouble. Kory advised that he needed more time and that he would get him his money back,” according to the warrant. In the end, the victim only received $500,000 back from Scheeler.
Scheeler had promised the victim a 10% return on his investment. The victim said he believed there were at least 12 other victims. He has filed a civil suit in the matter, according to statements to police.
The victim had previously worked with Scheeler flipping houses before 2016. But by the time they agreed to go into business together again in 2016, Scheeler was determined to bypass title companies.
When the title companies listed in the real estate transactions were contacted, they had no record at all of the sales. Scheeler is accused of forging multiple documents, and the victim said he never signed any of the documents in question. The signatures didn’t match, Henderson police found. EH3 was never listed in ownership records for the properties.