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Judge orders real estate sold
Real estate news By Gaynor Dumat-ol Daleno
January 10, 2008
U.S. District Court of Guam Chief Judge Frances Tydingco-Gatewood has ordered the sale of real estate assets owned by Romy Miclat, owner of defunct payroll processing company Information and Data Services. Authorities cited federal laws against money laundering, bank fraud and wire fraud to go after the assets owned by Miclat in a civil lawsuit, court papers state.
In October 2006, the FBI raided the IDS office in Tamuning after several Guam employers reported that IDS could not fully account for payroll and income tax money that Miclat's company was supposed to process for them, court papers state. Miclat allegedly engaged in a check kiting scheme and allegedly used some of his clients' money to pay for personal expenses, such as mortgage payments for the real estate properties covered by the forfeiture action, according to an FBI agent's affidavit filed in court.
The assets include two condominium units at Apusento Gardens, a unit at Villa Puntan Isa and lots in Asan and Yigo, according to court documents. The judge's order approving the sale was issued Jan. 7. In the order, Wells Fargo, which provided mortgage loans to Miclat, would proceed with the foreclosure action on the assets. But Wells Fargo can only sell the parcels of real property that would sufficiently cover the amount of debt Miclat owed to the bank.
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