J. Michael Ledman nurtured the smooth-talking image of a savvy and successful real estate investment guru.
He solicited investors on his Web site. He charged $2,900 and up per person for how-to training. He ran ads in the Yellow Pages and in the newspaper. And he dished out advice on his weekly KMBZ radio show about everything from credit scores to how to buy and sell distressed property with no money down.
But a year ago the bottom fell out.
The investment guru who taught others how to profit from foreclosures is himself facing serious money and legal woes. They include a felony theft charge that he bilked an 80-year-old Johnson County woman out of her home of 38 years, causing her to lose $150,000 in equity.
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Ledman's story is another cautionary tale that in today's boom-and-bust real estate market, what seems too good ...
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