His wife allegedly had her 401K cleaned out, and his 84-year-old grandmother started getting calls about a $275,000 loan in her name that she never approved.
A 5 EYEWITNESS NEWS investigation has traced it all back to a Troy Shannon--a west Metro builder, now charged with fraud and identity theft.
It was the seemingly perfect marriage between Shannon and his wife Beth Delporte. The two had started a life together in Eden Prairie.
Not yet 30-years-old, Shannon's business was off and running. He was buying, rehabbing, and selling properties.
But his wife says she had no idea her husband, according to a criminal complaint, was defrauding banks and mortgage lenders out of almost $2 million.
Prosecutors have even accused Shannon of stealing nearly $39,000 from his wife's 401K.
Hennepin County Attorney Mike Freeman has charged Shannon with five counts of theft by swindle and two counts of identity theft.
Investigators say Shannon's alleged scheme began in 2003, with the fraud centered on a home on Addington Court. Officials say Shannon took out five separate home equity loans with four different banks, totaling more than $1.9 million—all against a house that sold this year for just $460,000.
Police simply called it the 6269 Addington shell game.
But even investigators were surprised when they turned up Gene Chinn's name as an unknowing participant. Chinn is troy Shannon's grandmother.
5 EYEWITNESS NEWS first discovered Shannon when we uncovered trouble at a castle-like house on Lake Minnetonka. According to this lawsuit, Shannon left his suppliers and subcontractors short by more than $316,000.
People like tree trimmer Ray Flemal, who was owed $3,600. He says as a result, he missed a few payments on his truck, and had to pay his one employee out of his own pocket.
Freeman says this is an ongoing investigation, and there may be more properties and victims involved.
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