CHESTERFIELD, Va. -- A Chesterfield man was arrested in connection with a mortgage fraud scheme that allegedly swindled victims out of more than $100,000. Timothy S. Wenk, the former owner of Premier Consulting, defrauded victims of money by falsely claiming to help the victims obtain mortgages, police said.
"We listened to him,” said victim Ronald Scruggs. “We trusted him. We shouldn't have."
Scruggs discovered Wenk through a bulletin board advertisement.
"He guaranteed.. I'll get you a house one way or another," said Scruggs.
Because of his low credit score, Scruggs didn't want to go through a bank for a home loan.
"I took him bank statements,” Scruggs said. “My two years’ worth of taxes, etc, etc, which sounds legit because you have to do that when you go to a lender.”
Scruggs says he met Wenk at this building on Hull Street to start the transaction which included giving him a $16,000 down payment toward his $150,000 home.
The 50-year-old Wenk is from Hampton Valley Place and has previously been charged with several fraud-related crimes.
He provided copies of his canceled checks.
Scruggs told us Wenk ensured him he would get most of that money back to cover closing costs.
"He took all of my savings,” Scruggs said. “I'm living off of a fixed income. It's hard.”
When he finally got the loan approval, Scruggs says Wenk put off the closing date for months giving different excuses.
Scruggs said he had second thoughts that something ain't right. Then Scruggs says he never closed on the home nor could he reach Timothy Wenk.
Wednesday, Chesterfield Police arrested and charged Wenk with five counts of obtaining money under false pretenses.
Police say he took more than $100,000 from five victims and believe there may be even more.
As for Scruggs, he's relieved that Wenk is now facing charges.
"If he gets put out of business is the main think and maybe serve some prison time because he doesn't deserve to be on the street or at home like a working person because he has not done people right," said Scruggs.
Wenk released the following statement:
"I am adamant there is no basis for these charges. Each client agreed to and signed a very clear contract outlining the services provided for the fees paid. The agreement also clearly specifies that he is in no way a licensed mortgage broker, loan originator or licensed Real Estate agent. And feels strongly he will be vindicated in court," said Timothy Wenk. "If any client feels they are owed a refund. They are welcome to call him at 804-901-3151 and their request will be considered."
Wenk is set to appear in Chesterfield County General District Court on April 19, 2017, at 1 p.m. Investigators said Wenk also goes by the names Timothy Scott and Timothy Wink.
Anyone who believes they may be a victim was asked to contact Chesterfield County Police at 804-748-1251.