David Saks: May 2014

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

Grosse Ile Businessman Sentenced in Mortgage Fraud Case

Grosse Ile Businessman Sentenced in Mortgage Fraud Case

U.S. Attorney’s Office May 16, 2014
  • Eastern District of Michigan (313) 226-9100

A Grosse Ile businessman was sentenced today after being convicted at trial of conspiracy to commit wire fraud and wire fraud, announced United States Attorney Barbara L. McQuade.

U.S. Attorney McQuade was joined in the announcement by Paul M. Abbate, Special Agent in Charge of the Detroit, Michigan Office of the Federal Bureau of Investigation.

Sentenced was Richard Dean Woolsey, 42, of Grosse Ile Township, Michigan. Woolsey was sentenced to 90 months by U.S. District Judge Avern Cohn. Judge Cohn also ordered Woolsey to serve three years’ supervised release after his custodial sentence. A separate hearing on restitution will be held within 90 days.

The evidence at trial showed that from 2006 to 2008, Richard Dean Woolsey conspired to defraud and defrauded mortgage lenders in numerous mortgage loan transactions in the states of Michigan and Tennessee. In executing the conspiracy and scheme to defraud, Woolsey used ReMax Experts a real estate company and The Valuation Group, an appraisal company both owned by him. Woolsey orchestrated and helped to orchestrate millions of dollars of fraudulent mortgage transactions by coordinating and directing the activities of bank employees, buyers, appraisers, and closing agents. In doing so, he disguised the source of down payments, provided false and inflated appraisals for properties, and provided false income information for buyers in order to bolster their creditworthiness and apparent ability to qualify for mortgage loans. Judge Cohn found that losses caused by Woolsey’s fraud were greater than $2.5 million and less than $7 million.

“Mortgage fraud harms real estate markets and property values and also undermines the ability of lending institutions to protect themselves from debilitating losses,” McQuade said.

Special Agent in Charge Abbate stated, “As reflected in the investigation of Mr. Woolsey’s criminal activity and his sentence today, the FBI takes mortgage fraud very seriously. These crimes, particularly those as egregious as Mr. Woolsey’s, not only negatively impact real estate markets, banks, and the financial industry, but hurt our entire community. The FBI will continue to aggressively investigate these crimes.”

Sentencing for co-defendant Ryan Vinco is scheduled for June 5, 2014.


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



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 • May 19 2014 09:57AM
Grosse Ile Businessman Sentenced in Mortgage Fraud Case
Grosse Ile Businessman Sentenced in Mortgage Fraud Case U. S. Attorney’s Office May 16, 2014 Eastern District of Michigan (313) 226-9100 A Grosse Ile businessman… more
Real Estate Practice : Lesson 2710
#2710 Particular conditions may arise that require an environmental impact statement to be prepared because of the events demanding it. This requirement is known as CERCLA, the Comprehensive Environmental Response, Compensation and… more
Real Estate Practice : Lesson 2709
#2709 Zoning ordinances may be designed to control the types of religious preferences that are acceptable within the area in consideration. Is this true or false Take your time. The solution is posted below the wildlife photo… more
Real Estate Practice : Lesson 2708
#2708 When a conveyance tax is assessed it's always based on the fair market value of the home. Is this true or false Take your time. The solution will be posted below the royalty free wildlife photograph. A. False… more
Real Estate Practice : Lesson 2707
#2707 When we speak about the police power of a local government we're usually referring to the government's power to create special taxes which will tax all property owners for the purposes of providing a secure… more
Real Estate Practice : Lesson 2706
#2706 When areas of a property are demarcated because their use is deemed unfit with the local ordinaces this is know as creating a setback. Is this true or false Take your time. The solution is posted below the wildlife… more
Real Estate Practice : Lesson 2705
#2705 A judgement lien will always take a priority over a property tax lien regardless of how much time has passed since the judgement lien was recorded. Is this true or false Take your time. The solution is posted below the… more
Real Estate Practice : Lesson 2704
#2704 A type of document, which is recorded, which informs persons interested in buying a property that the property could possibly become liable to a judgement issued against it in a… more
Real Estate Practice : Lesson 2703
#2703 A judge ruled in a pending lawsuit that a lien is to be placed on the defendant's home which will place a hold on the property as security if a judgement is ruled against the homeowner. The court's action is commonly referred to… more
Real Estate Practice : Lesson 2702
#2702 Andrew has actually constructed an easement over Tanya's property. If Andrew buys Tanya's property next month the easement will continue to exist. Is this true or false &… more