Reported by TRD staff

Summary of original article featured below

Former Wisconsin nurse anesthetist, Matt Onofrio, who turned to real estate after quitting his job in 2020, is now facing charges of bank fraud in Minnesota. Onofrio stands accused of orchestrating multiple fraudulent real estate deals, convincing buyers to purchase properties at inflated prices while he had already acquired them at lower prices. He would then help the buyers secure mortgages based on the higher prices, offering to cover the down payment himself. This scheme allowed him to profit from the price difference and put the buyers at risk of financial strain. One victim, mixed martial arts star Michael Chandler, discovered that Onofrio charged him a $4 million markup on a property he purchased for $16 million.

In November 2022, Onofrio was indicted for alleged bank fraud. Prosecutors claim that he created fake purchase agreements to deceive banks and lend money to clients without disclosing it to the banks. Onofrio’s unassuming nature and a persuasive pitch, which included displaying his bank account with millions of dollars, led some investors to trust him. A former employee at Onofrio’s company, Wild Moose Ventures, revealed that he had been involved in approximately $400 million worth of deals in the two years leading up to his arrest.

While Chandler’s case is not part of the criminal indictment, it highlights the extent of the fraudulent activities. Investors like Matthew Hermann, who lost $200,000 on a $6.3 million warehouse purchase from Onofrio, describe him as a “wolf in sheep’s clothing.” Onofrio’s deceptive practices and ability to present himself convincingly made it difficult for people to recognize his fraudulent intentions.

Amidst the ongoing legal proceedings, Onofrio’s bank account has been frozen, and a trial date is yet to be set. His case serves as a cautionary tale, emphasizing the importance of due diligence and thorough verification when engaging in real estate transactions. The victims of his fraudulent schemes have been left to face the financial consequences while seeking justice for their losses.

Read full report: https://therealdeal.com/miami/2023/06/04/architects-weigh-in-on-south-floridas-best-worst-buildings/