David Saks: July 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

MAN INDICTED IN MULTI-MILLION DOLLAR MORTGAGE FRAUD SCAM

Inver Grove Heights Man Indicted in Mortgage Fraud Scam

U.S. Attorney’s Office July 13, 2012
  • District of Minnesota (612) 664-5600
 
 

MINNEAPOLIS—A federal indictment recently unsealed charges an Inver Grove Heights man in connection with soliciting buyers to purchase properties at inflated prices in a multi-million-dollar mortgage fraud scheme. On July 11, 2012, Christopher Jon Andrews, age 53, was charged with one count of conspiracy to commit mail and wire fraud, four counts of mortgage fraud through interstate wire, and three counts of mortgage fraud through mail. The indictment, which was filed on July 10, 2012, was unsealed following Andrews’s initial appearance in federal court.

The indictment alleges that from 2005 through 2008, Andrews conspired with others to defraud mortgage lenders out of money by providing false information in order to receive loans. To that end, Andrews recruited straw buyers to purchase homes at inflated prices, purportedly using much of the excess loan funds for their personal use.

In preparing mortgage loan applications on behalf of the straw buyers, Andrews allegedly concealed the true financial conditions of those buyers. Moreover, he reportedly failed to disclose that the buyers would receive cash kickbacks from the loan proceeds and that the buyers were often not the source of the “cash to close” the transactions.

More than 30 properties were purchased by Andrews and his close relatives during the course of this scheme, with Andrews allegedly receiving millions in loan proceeds. The majority of the residences bought through this scheme have been since foreclosed, with the victim lenders losing substantial amounts of money.

Andrews conducted business under several names, including ACL Homes, LMA Real Estate Services, and CNC Management. He worked with associated companies operated by indicted co-conspirators Daniel Boler, Susanne Mathis, and Lindsay Loyear. Boler, Loyear, and Mathis have all pleaded guilty for their actions.

If convicted, Andrews faces a potential maximum penalty of 20 years in prison on each count. All sentences will be determined by a federal district court judge.

This case is the result of an investigation by the United States Postal Inspection Service and the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney Tracy L. Perzel.

This law enforcement action is in part sponsored by the interagency Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated, and proactive attack on financial crimes. It includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement, who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch and, with state and local partners, investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

An indictment is a determination by a grand jury that there is probable cause to believe that offenses have been committed by a defendant. A defendant, of course, is presumed innocent until he or she pleads guilty or is proven guilty at trial.

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 • July 13 2012 01:37PM
MAN INDICTED IN MULTI-MILLION DOLLAR MORTGAGE FRAUD SCAM
share
Inver Grove Heights Man Indicted in Mortgage Fraud Scam U. S. Attorney’s Office July 13, 2012 District of Minnesota (612) 664-5600 … more
CLOSING ATTORNEY GUILTY OF MULTI-MILLION DOLLAR MORTGAGE FRAUD
share
Connecticut Attorney Admits Participating in $10 Million Mortgage Fraud Scheme U. S. Attorney’s Office July 12, 2012 District of Connecticut (203) 821-3700 .. more
EXECUTIVES & BORROWERS INDICTED IN MASSIVE FRAUD THAT COLLAPSED…
share
Executives, Borrowers Indicted in Massive Fraud That Led to Collapse of Bank of the Commonwealth Bank Collapse Largest in Virginia Since 2008 Financial Crisis U. S. Attorney’s Office July 12, 2012 … more
WOMAN ARRESTED IN MILLION DOLLAR REAL ESTATE PONZI SCHEME
share
San Fernando Valley Woman Arrested in Million-Dollar Real Estate Ponzi Scheme Run Through Companies in Santa Clarita Valley U. S. Attorney’s Office July 12, 2012 Central District of… more
MAN PLEADS GUILTY TO MULTI-MILLION DOLLAR MORTGAGE FRAUD SCHEME
share
Utah Man Pleads Guilty to Charges Connected to Multi-Million-Dollar Mortgage Fraud Scheme U. S. Attorney’s Office July 12, 2012 Western District of Pennsylvania (412) 644-3500 &… more
ATTORNEY GUILTY OF PARTICIPATION IN $10 MILLION MORTGAGE FRAUD SCHEME
share
Waterbury Attorney Admits Participating in $10 Million Mortgage Fraud Scheme U. S. Attorney’s Office July 11, 2012 District of Connecticut (203) 821-3700 &… more
FORMER CHAIRMAN OF FAILED WESTERN SPRINGS BANK GUILTY OF LOAN FRAUD
share
Former Chairman of Failed Western Springs Bank Pleads Guilty to Concealing Personal Interest in Loans from U. S. Regulators U. S. Attorney’s Office July 11, 2012 Northern District of… more
FINAL TWO DEFENDANTS SENTENCED FOR MORTGAGE FRAUD SCAM
share
Final 2 Defendants Sentenced for Mortgage Fraud Scam Kevin Grady Sr 48, Grand Rapids, Michigan, was sentenced for wire fraud, bank fraud and making false statements to the FBI and Edward Hessie Sumrell 55, Grand Rapids, Michigan, was… more
RE AGENT & OTHERS INDICTED IN 9. 1 MILLION DOLLAR MORTGAGE SCAM
share
4 Indicted in 9. 1 Million Dollar Mortgage Scheme Jason Dade 37, Chicago, Illinois, a licensed real estate agent and the owner of Round Table Enterprises, Inc. Cheryl Ware 47, Shorewood, Illinois, a licensed loan originator, Tiffini… more
FORECLOSURE RESCUER ATTEMPTED TO SELL HOMES HE DIDN'T OWN
share
Foreclosure Rescuer Attempted to Sell Homes He Did Not Own Gaetano Antonel l, 62, Brooksville, Florida, has been arrested and charged with organized fraud for his role in a foreclosure rescue scam. The defendant persuaded homeowners to deed… more