DC Real Estate Heist: Duo Nabbed in $500K Scheme

WASHINGTON D.C. – A brazen scheme to steal homes in the nation’s capital has landed two individuals in federal custody. Jeffrey M. Young-Bey, 65, of Washington, D.C., and Martina Yolanda Jones, 44, of Baltimore, Md., are facing serious federal charges after allegedly using forged documents to pilfer residential properties and rake in over $500,000 in illegal proceeds.

The pair were indicted earlier this month by a federal grand jury on one count each of conspiracy, mail fraud, and money laundering. Young-Bey faces even more heat, slapped with additional counts of mail fraud, money laundering, and five counts of aggravated identity theft. The FBI’s Washington Field Office’s Criminal Division has been investigating the operation, and the U.S. Attorney’s Office for the District of Columbia is prosecuting the case.

According to the indictment, the scheme dates back to at least November 2019. Young-Bey reportedly identified target properties in D.C., then crafted fraudulent property deeds complete with forged signatures of the actual owners. These fake deeds were then filed with the District of Columbia Recorder of Deeds, illegally transferring ownership to shell corporations controlled by Young-Bey or Jones. Once the title was fraudulently switched, the properties were either burdened with loans or sold for a quick profit.

The financial gains were substantial. The indictment alleges Jones and Young-Bey secured a fraudulent loan on one property, pocketing $323,224. Young-Bey also allegedly reaped $268,036 from the sale of a second stolen property. He then flaunted the ill-gotten gains, purchasing a 2020 BMW 750XI worth over $106,000 and a 2016 BMW 328XI valued at over $21,000. Federal authorities have already seized $269,239 in cash and the 2020 BMW.

Young-Bey was initially arrested on Nov. 22, 2021, and Jones followed on Nov. 27, 2021. Both have appeared in U.S. District Court for the District of Columbia. Assistant U.S. Attorneys Joshua S. Rothstein and Viviana Vasiu are leading the prosecution.

It’s crucial to remember that an indictment is merely an accusation. Both Young-Bey and Jones are presumed innocent until proven guilty in a court of law. But with evidence of forged documents, stolen property, and a hefty paper trail of fraudulent spending, this case promises a potentially lengthy legal battle and a significant blow to those who prey on the District’s housing market.