Two men who were working as mortgage loan officers were indicted last April for their roles in recruiting straw buyers for mortgage transactions. The men pleaded guilty this week to one count of conspiracy to commit mortgage fraud through the use of interstate wires. The scheme involved submitting false loan application to various lenders using straw buyers, who were often friends and relatives of the men, to purchase the homes.
The sentencing hearing has not yet been scheduled. The men face up to five years spent in prison if given the maximum penalty. The actions of the men were revealed through the work of the Federal Bureau of Investigation. In addition to recruiting straw buyers, the men also ran a property management company and a property finance company which they used in various ways to acquire loan proceeds through fraud.
Financial crimes are often complex. Investigating and prosecuting financial crimes is a high priority among government officials. The attorneys and law enforcement officers at work on unearthing white collar crimes such as mortgage fraud are experienced and determined. They have vast resources at their disposal. If you are accused of mortgage fraud or another financial crime, you need a talented and experienced defense attorney to protect your rights.
Source: LoanSafe.org, "Home Loan Officers Plead Guilty in Almost $2M Mortgage Fraud Scheme," by Evan Bedard, 15 August 2012