Local Man Faces Federal Indictment

Fifty-five-year-old Eugene McReath owns Southern Construction and Investments. It's a company that buys, renovates and sells houses for profit.

McReath is accused of paying his buyers' down payments to fulfill his no money down advertisement, then falsely telling HUD that the down payments came from relatives of the home buyers.

Prosecutors say McReath lied to HUD to get around the department's policy of not insuring home loans when a seller makes a down payment.

8195 Front Beach Road Panama City Beach, FL 32407 Station: 850-234-7777 News: 850-230-5221 Fax: 850-233-6647
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