FBI Builds its Case in Flipping Schemes

Informant has laid bare at least $200 million in fraudulent property deals, incriminated more than 30 of his former business partners

By Michael Braga, Chris Davis & Matthew Doig: Sarasota Herald-Tribune

February 7, 2010 – Craig Adams, orchestrator of one of the largest real estate fraud rings in Florida history, has secretly spent more than a year and a half as an FBI informant, helping build cases against the people he once recruited into his schemes, the Herald-Tribune has learned.

Federal court records show Adams has agreed to plead guilty to conspiracy charges at a later date and has pledged his help in an attempt to earn leniency. In at least one instance, Adams wore a wire to record a conversation with a key business associate.

So far he has laid bare at least $200 million in fraudulent property deals, incriminated more than 30 of his former business partners and given the FBI enough evidence to arrest his longtime title agent, Lisa Rotolo, the court records show.

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