Atlanta: Gulen school defaults on $19M loan, related Turkish group snaps up property for $3.2M

via Money Jihad (who left an update in the comments too), Backroom deal suspected as Turkish agent buys foreclosed Gulen school property

In 2012, the Atlanta-area Fulton Science Academy (FSA) borrowed $19 million to buy land to expand their campus.  FSA quickly defaulted, and Wells Fargo sued them.  On Feb. 5, the land was sold at a foreclosure auction for $3.2 million according to the Atlanta Journal-Constitution:

The winning bidder?  A recently incorporated company called “TruGlobe,” with three Turkish officers, who were somehow able to come up with over $3 million on the day of the foreclosure sale, at which cash or cashier’s checks are normally required as immediate payment.

Both the Fulton Science Academy and TruGlobe have addresses in Alpharetta, Georgia.  The similarities between the entities indicate probable collusion between the Gulen charter school and the winning bidder prior to the sale.  It is worth noting that bid rigging at foreclosure auctions is a growth area for criminal activity.

The website Roots in Alpharetta was the first to expose the “amazing coincidence” of the buyer’s Turkish identity:

Did a Fulton Science Academy benefactor purchase their land?

Indeed, the registered agent and chief financial officer of TruGlobe is listed as Ahmed Vehbi Ugur, a young man who describes himself as a board member of the Turkish American Chamber of Commerce of the Southeast.  Ugur is also registered as the CEO of the Maress Corporation, a Turkish kitchen appliance business with an Atlanta office.

The Fulton Science Academy belongs to a network of troublesome charter schools under the direction of Fethullah Gulen, an activist who seeks to replace the formally secular government in Turkey with a sharia-dominated Islamic caliphate.  Gulen schools have undertaken an influence peddling and crony contract scheme in Texas, improper financial activities in Georgia, were denied a charter in Virginia, and are currently under an FBI investigation for kickbacks.

Fulton Science Academy appears to have gotten away with stiffing the bank and the Alpharetta Development Authority for $16 million while enabling its TruGlobe associate to purchase the same property at 15 percent of the original price.  FSA’s misrepresentation of their ability to repay the loan and conspiring with a straw buyer to purchase it on their behalf is clearly unethical, and although it would be nearly impossible to prove, these activities could constitute a possible mortgage fraud case.

Read the full details at MoneyJihad and check them out on Twitter @MoneyJihad.

15 thoughts on “Atlanta: Gulen school defaults on $19M loan, related Turkish group snaps up property for $3.2M

  1. Pingback: Atlanta: Turkish agent buys $19M Gulen school foreclosure for mere $3.2M | Tennesseans Watching Federal & State Government

  2. In and out deal. Borrow from the bank, default, and get it back for pennies. Wells Fargo needs to deal with them! Foreclose again!

    • Unfortunately, there is nothing left to foreclose on. The land is already sold to TruGlobe, so the bank has no further collateral to seize and/or sell.

      Footnote: The web author of the “Roots in Alpharetta” post has since pointed out that the land itself was only worth $3 million–not as much as the $19 million loan amount which was intended for building/developing the land. What that means is that since the land isn’t worth $19 million, Wells Fargo was basically out of legal options to pursue the amount defaulted, because there isn’t enough value to recoup.

      My concern is just like you’ve stated. The Gulenist parties basically received the full $19 m loan, didn’t have to pay any of it back, and their straw buyer got the same land back for $3 m. Now the Turkish entities have the money + the land. Wells Fargo has nothing (unless it had the loan insured). What’s more, the Fulton Science Academy defaulted immediately, which suggests to me they never intended to pay back any of the loan. Ie, scheme from the outset?

  3. A bit OT: But do not understand why nothing is being done to these jihad training camps in America. Especially since the DoJ has known about them since 2006 or so. Guess they aren’t white males survivialist types.

    How many recruits have come in and out since then? And if they “graduated” exactly where are they? Supposedly some of the members are young black male convicts in our prison systems that converted to Islam while they were incarcerated.

    I lost a lot of research when my computer crashed, but I had photos of FBI agents socializing with some of them in the camps. I am not sure which site I found them on, could of been yours. But I sent them to an active site too; (do not want to post the site here.) I do know that Christian Action Network (CAN) had taken videos of inside the camps and was trying to get laws passed to close them down. People in the neighorhood are really afraid of them as they have been very agressive and hostile.

    • I think sometimes law enforcement/intelligence agencies monitor the small fries in order to identify the big guys. Maybe it’s the wrong policy–maybe they should just round them up, arrest them & put them on trial for whatever charges they can. I’m not trying to take sides, but they’ll probably say that it’s a balancing act.

      • Supposedly the camps are directed and supported by Gilani (who denies it of course) in Pakistan. He is the same Islamist leader Daniel Pearl was to interview before he was kidnapped and beheaded. How they get funded I have not followed up on the money trail.

        I do hope you’re right. Hard to trust obama’s FBI any more. But anyway 2006 was Bush’s watch.

        CS probably has something in archives on Gilani.

  4. Gulen is considered a traitor in his OWN country- so of course we took him into ours??? WTF always check out discoverthenetworks dot org

    The Fethullahists have the political power to influence the judiciary, direct the media, and even intimidate bank owners by threatening that their followers might withdraw all their funds from their banks… It is a fact that Fethullahists know how to use their political and economic power very well. They are experts in inserting their influence into the judiciary, the police, politics and the economy [of the country] […]” [14]

    Fethullah Gulen is known to be a sworn proponent of shari’a and a caliphate in Turkey, but has in recent years been a relatively moderate voice advocating for interfaith dialogue (which is regarded as taqiyyah (LYING) by Turkey’s secularists and by many Western experts on Islam). Following his indictment in Turkey for Islamist activity against the secular regime, he fled to the U.S., where he has lived since 1999. His sect owns many media organs in Turkey, including Zaman, Samanyolu TV, many magazines, and radio stations. Many of his followers occupy positions in Turkish government ministries, police, and military. There are thousands of Islamic-Turkish Fethullah Gulen schools in Turkey and hundreds more in over 70 countries worldwide, including Ukraine, Indonasia, South Africa, Sudan, Australia, Afghanistan, Central Asia, Europe, Russia, and the U.S.; the schools are built by his many foundations and the source of their funding is unknown. In March 2006, two additional schools were opened, one in Argentina and the other in Sudan; AKP Cabinet Minister Kursad Tuzmen attended the inaugural ceremony in Sudan. It is believed that during the last years of the communist Soviet Union, Fethullah Gulen supporters created unrest in the Muslim communities in the north of the Black Sea, against the Soviets.

    • Amerikans I hope you can succeed, I don’t believe they Gulencis thought the Americans would stick together and unite against them. They wine, dine, bribe, manipulate, cajole, charm, blackmail then play victim to gain share of power. http://www.charterschoolwatchdog.com. Web site by ex teacher from their American school.

  5. I think sometimes law enforcement/intelligence organizations observe the little chips to be able to recognize the big people. Maybe it’s the incorrect policy–maybe they should just circular them up, police arrest them & put them on test for whatever expenses they can. I’m not trying to take factors, but they will probably say that it’s a controlling act.

If sharia law continues spreading, you'll have less and less freedom of speech - so speak while you can!

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