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 SENTENCED TO 18 MONTHS IN PRISON FOR DOWNPAYMENT FRAUD

Man Sentenced for Downpayment Fraud

Scott Eric Perry, 35, Brookwood, Alabama, was sentenced to 18 months in prison on false statement charges related to an almost $750,000 mortgage fraud scheme in the Birmingham, Alamaba area.

The defendant was charged in 2011, then pleaded guilty in February 2012 to making false statements to lending institutions in connection to real estate transactions between February 2006 and December 2006. Along with his prison term, U.S. District Judge Karon O. Bowdre ordered Perry to pay $746,865 in restitution to Wells Fargo, J.P. Morgan-Chase and Bank of America. Wells Fargo is to receive $505,764; J.P. Morgan-Chase, $180,432 and Bank of America, $60,668.

Perry is scheduled to report to prison September 12, 2012.

According to court documents, Perry, doing business as Master Industries, bought houses in Jefferson County for the purpose of reselling them. From about Feb. 22, 2006, through Dec. 21, 2006, he sold numerous properties to various buyers throughout the Birmingham area. In each of these transactions, a federal Department of Housing and Urban Development form, known as a HUD-1 Settlement Statement, is required. The form is intended to disclose who is to pay and who is receive money as part of the real estate transaction.

Perry signed and submitted the statements as true and accurate, but failed to disclose that he both made the down-payments for the purchase of the homes and paid the purchasers at least $3,000 as an incentive to buy the properties.

By submitting the false documents, Perry induced the lenders to authorize mortgage loans they would not, otherwise, have approved.

U.S. Attorney Joyce White Vance and FBI Special Agent in Charge Patrick J. Maley announced the sentence.

The FBI investigated the case. Assistant U.S. Attorney Patrick Carney prosecuted it.

"Mortgage fraud harms banks and lending institutions. It also damages neighborhoods and communities," Vance said. "Homes surrounding a foreclosed property tend to lose value. Foreclosed properties also are often abandoned, and the vacant houses become a source of vandalism or crime," she said. "We must fight and prosecute this fraud."

source: Mortgage Fraud Blog




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 4 commentsDavid Saks • July 11 2012 10:04AM
MAN SENTENCED TO 18 MONTHS IN PRISON FOR DOWNPAYMENT FRAUD
share
Man Sentenced for Downpayment Fraud Scott Eric Perry 35, Brookwood, Alabama, was sentenced to 18 months in prison on false statement charges related to an almost $750, 000 mortgage fraud scheme in the Birmingham, Alamaba area. &… more
CEASE AND DESIST ORDER ISSUED TO ESCROW COMPANY
share
Cease and Desist Order Issued to Escrow Company All Net Escrow a purported online escrow company engaged in timeshare escrow transactions, has been issued a cease and desist order for a scam involving the sale of time share properties. … more
FORMER REAL ESTATE DEVELOPER CHARGED WITH DEFRAUDING INVESTORS
share
Former Real Estate Developer Charged with Defrauding Investors Kelly Gearhart 50, Wadsworth, Ohio, a real estate developer who formerly resided in Atascadero, California, was indicted on federal fraud and money laundering charges that accuse… more
REAL ESTATE AGENT ADMITS GUILT IN MORTGAGE FRAUD CONSPIRACY
share
Real Estate Agent Admits Guilt in Mortgage Fraud Conspiracy Menachem Yosef Levitin 27, New Haven, Connecticut, waived his right to indictment and pleaded guilty before United States Magistrate Judge Holly B. Fitzsimmons in Bridgeport to one… more
GUILTY PLEA ENTERED IN REAL ESTATE INVESTMENT SCAM
share
Guilty Plea Entered in Real Estate Investment Scam Jeffrey Egan Troy, Michigan, pleaded guilty to bank fraud in connection with an investment fraud scheme in which over a dozen victims were defrauded of over $1 million. Egan operated a… more
FORMER MORTGAGE MANAGER GETS 12 YEARS IN PRISON FOR MORTGAGE FRAUD
share
Man Sentenced to 144 Months For Mortgage Fraud Scam Gregory Flores former manager at All Fund Mortgage Anaheim Hills, California, was sentenced to 144 months imprisonment and three years of supervised release. U. S. District Judge J… more
WOMAN PLEADS GUILTY TO REAL ESTATE SCAM THAT DEFRAUDED FAMILY FRIENDS
share
Former New Jersey Resident Admits Role in Real Estate Scam That Defrauded Family Friends U. S. Attorney’s Office July 10, 2012 District of New Jersey (973) 645-2888 … more
HOME SECURITY CAMERA CATCHES REALTOR BEHAVING SUSPICIOUSLY
share
Is the Realtor burglarizing this home Has the Realtor committed a crime Who's telling the truth more
MAN SENTENCED FOR EMBEZZLING FROM CONSTRUCTION COMPANY
share
Former El Dorado Hills Man Sentenced for Embezzling from Rancho Cordova Construction Company U. S. Attorney’s Office July 06, 2012 Eastern District of California (916) 554-2700 .. more
Real Estate Practice : Lesson 1740
share
#1740 A buyer paid $460, 000 for the house. The lot was valued at $65, 000. The mortgage was for $200, 000. After all is said and done, how much equity does the… more