David Saks: November 2012

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

SWINDLER GETS 36 MONTHS IN PRISON FOR FRAUDULENTLY BROKERING MORTGAGES

White Bear Lake Man Sentenced for Fraudulently Brokering Loans in Mortgage Fraud Scheme

U.S. Attorney’s Office November 09, 2012
  • District of Minnesota (612) 664-5600
 

MINNEAPOLIS—Today in federal court, a 38-year-old White Bear Lake man was sentenced for fraudulently brokering loans in a mortgage fraud scheme. United States District Judge David S. Doty sentenced Chad Wegscheider to 36 months in federal prison on one count of conspiracy to commit mortgage fraud through the use of the wires. Judge Doty will determine the amount of restitution that Wegscheider owes to victims at a future hearing, not yet scheduled. Wegscheider, who was charged via an information on August 1, 2011, pleaded guilty on September 1, 2011.

According to the information, Wegscheider, who was the owner and president of a Maplewood mortgage brokerage business called Minnesota One, conspired with others to devise a scheme to defraud mortgage lenders. From June 2006 through March 2008, Wegscheider’s co-conspirator recruited straw buyers to purchase newly-converted condominiums in Minnesota and Wisconsin at inflated prices with borrowed funds. In many cases, straw buyers bought numerous units in short periods of time.

To trick mortgage lenders into providing loans to investors, Wegscheider prepared loan applications that overstated the bank account balances of the straw buyers and falsely stated that the straw buyers would use their own money to make down payments on the properties, when, in fact, he knew his co-conspirator was providing the down payments. Wegscheider also opened accounts in the names of the straw buyers and deposited his co-conspirator’s money into them in an effort to make it appear to potential lenders that the straw buyers had sufficient cash on hand to make the property purchases. All the loans fraudulently brokered by Wegscheider went into default, causing more than $2.5 million in losses to the lenders.

This case was the result of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation Division. It was prosecuted by Assistant United States Attorney David J. MacLaughlin.

source:FBI



David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • November 13 2012 10:23AM
SWINDLER GETS 36 MONTHS IN PRISON FOR FRAUDULENTLY BROKERING MORTGAGES
share
White Bear Lake Man Sentenced for Fraudulently Brokering Loans in Mortgage Fraud Scheme U. S. Attorney’s Office November 09, 2012 District of Minnesota (612) 664-5600 &… more
Real Estate Practice : Lesson 1920
share
#1920 A developer subdivided and made some improvements to a 150 acre parcel of land. The developer created several restrictions, which, by design, were placed in the deed to… more
Real Estate Practice : Lesson 1919
share
#1919 Once the underwriter has been able to verify the amount of a borrower's stable monthly income, the underwriter will then use a process which will employ gross multipliers to determine… more
Real Estate Practice : Lesson 1918
share
#1918 The quality of a loan applicant's income generally depends on whether or not it's taxable income in the decision making process for the underwriter, and not as much the… more
Real Estate Practice : Lesson 1917
share
#1917 Stacy is a college student that is buying her first home. She doesn't have enough money for the closing table so her parents have graciously offered to give her 4000… more
Real Estate Practice : Lesson 1916
share
#1916 When the underwriter aquires the credit report of the applicant it will usually contain information pertaining to the applicants debt and payment history for the last ten… more
Real Estate Practice : Lesson 1915
share
#1915 Frederick and Marlene Silverman have a monthly housing expenditure of 1500 dollars, their monthly credit card payments equal 200 dollars, and they have a car note of 225 dollars… more
Real Estate Practice : Lesson 1914
share
#1914 A rule of thumb for a lender when considering a loan application is that the borrower should have been continuously employed on the same job for a minimum of five years … more
Real Estate Practice : Lesson 1913
share
#1913 When a lender issues a letter stating the maximum loan amount that the lender will authorize this is know as preconclusion of process Is this fact true or false Please… more
Real Estate Practice : Lesson 1912
share
#1912 When we talk about loan discount points we're talking about payment for costs which are typically associated with a loan origination fee. Is this fact true or false … more