Saturday, August 06, 2011

Foreclosure Dave feeling the pressure over his hypocrisy?

David Schweikert, CD5's representative in Congress, has made a fortune off of the misery of Arizonans who have seen their homes foreclosed.

Since he's been in office, he's come in for some withering criticism from some quarters (including this one) for working to take advantage of Arizonans suffering the effects of the economic cratering here, rather than working to improve economic conditions here and across the country.

Now, reports have come to me that at least one of his staffers is telling people who bring this up that Schweikert has sold his real estate business.

That sounds all well and good, except for one thing -

I can't find any evidence that he has done so.

According to the available public records...

...his company Sheridan Equities, an LLC formed in 2006, still shows him as the sole manager and lists his Fountain Hills address as its business address

...another company, Sheridan Equities Holdings, an LLC formed in 2009, also still shows him as the sole manager with the Fountain Hills address as its business address

...yet another company, MASFund AZ, an LP formed in 2010 in Texas, with Swartz and Brough (a Texas company and his partners in the home grab and flip scheme) and Sheridan Equities as partners, still shows Sheridan as one of the partners (Arizona SOS registration on the LP here and ACC info on its related LLC here; TX info on the LLC here.

...according to the Maricopa County Recorder's office, Sheridan Equities is still acquiring property.  Most recently, in February a transfer from Swartz and Brough to Sheridan was recorded.  MASFund AZ has been much more active, acquiring or disposing of at least six properties since the beginning of the year.

All of the property dispositions look to be sales to individual owners, not transfers that exhibit a pattern of transfers to a new business owner.  In addition, the Maricopa County Assessor still shows the owner address for the properties owned by Sheridan as Schweikert's.

In short, I can't state definitively that Schweikert has not sold his real estate business, but if he has, it seems that he hasn't told anyone except for his staff about it.

If he really *has* sold his real estate business, he might want to think about correcting that oversight.


"LLC" is an abbreviation for "Limited Liability Corporation"; the IRS definition is here.

"LP" is an abbreviation for "Limited Partnership": a definition, courtesy the State of California, is here.

1 comment:

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