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Resource ID: #17236
Subject: Real Estate
Source: The Bulletin (Bend, OR)
Affiliation: 
Date: September 24 - 28

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Description

Reporters discovered that Oregon rancher Walter J. Hoyt, who sold land to thousands of people across the United States, had a monopoly based on "inflated land values and a herd of "phantom cattle" that existed only on paper." "The Internal Revenue Service, while it couldn't or wouldn't shut down Hoyt, nailed unsuspecting investors for back taxes, interest and penalties." This series unveiled the circumstances regarding Hoyt's business and attempted to seek justice for victims involved.

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