Real Estate Investing
Novus Properties LLCFind BBB Accredited Businesses in Real Estate Investing.
Information and Alerts
Alert Details
This business has 1 alert.
Government Actions
USA v. Sapp
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On March 29, 2019, Brian Thomas Sapp, owner of Novus Properties LLC, was sentenced in the U.S. District Court Eastern District of Virginia. Sapp had been previously found guilty for wire fraud and identity theft related to a ponzi scheme he operated under the business' name. Specifically, Sapp had stolen the identity of the president of a construction company, and executed false sales contracts between himself and the construction company. He would then use these false contracts, and falsified HUD-1 settlement sheets as evidence to investors that he was able to provide them with a return on their investment, in some cases he promised up to a 25% return. Records indicate Sapp executed hundreds of false real estate transactions, but never actually closed any deals, instead using victims money to purchase luxury vehicles, vacations, and making payments to soothe "investors" in efforts to continue his scheme. Sapp received 108 months in a federal prison, 4 years of supervised release, and restitution in the amount of $2,311,330.12.
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.