David Saks: Broker Admits Stealing Closing Funds

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

Broker Admits Stealing Closing Funds

Broker Admits Stealing Closing Funds

Jean Teresa Hoffert59, Emmetsburg, Iowa, a real estate broker who stole mortgage loan proceeds received during real estate closings, pled guilty on July 5, 2011, in federal court in Sioux City.  Hoffert was convicted of one count of mail fraud.

At the plea hearing Hoffert admitted defrauding others out of money and causing the United States mail to be used as part of the fraud. According to information disclosed in court, when acting as a settlement agent, Hoffert failed to pay off prior mortgage loans that were supposed to be paid off following mortgage loan refinancings. In other instances, the prior mortgage loans were paid off late.

Sentencing before United States District Court Judge Mark W. Bennett will be set after a presentence report is prepared. Under the plea agreement, Hoffert faces a sentence of 57 months' imprisonment. Hoffert also faces a maximum possible fine of $250,000 or twice the amount of money involved in the offense, a special assessment of $100, and up to 3 years of supervised release following imprisonment. Hoffert will also be ordered to pay full restitution to all victims of her related criminal conduct.

The case was prosecuted by Assistant United States Attorney Peter Deegan and was investigated by the Spencer, Iowa, Police Department, the Emmetsburg, Iowa, Police Department, the Iowa Division of Criminal Investigation, the United States Postal Inspection Service, and the Federal Bureau of Investigation.

Courtesy Mortgage Fraud Blog




David Saks



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

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Comment balloon 2 commentsDavid Saks • July 13 2011 04:52PM

Comments

Damn this is simply crazy. Who acts this way... apparently this guy did but how stupid.

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) about 9 years ago

She was pretty foolish.

Posted by David Saks ((retired)) about 9 years ago

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