David Saks: JURY CONVICTS THREE OF MORTGAGE FRAUD CONSPIRACY - Defendants Remanded Into the Custody of the United States Bureau of Prisons

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

JURY CONVICTS THREE OF MORTGAGE FRAUD CONSPIRACY - Defendants Remanded Into the Custody of the United States Bureau of Prisons

Jury Convicts 3 of Mortgage Fraud Conspiracy

Neil Fagan, Pamela Johnson, and Veldora Arthur were found guilty of conspiracy to commit wire and mail fraud, and all substantive mail-fraud counts set forth in the February 3, 2011 superseding indictment.  The indictment included charges of conspiracy to commit wire and mail fraud and substantive mail fraud.  The conspiracy and mail fraud counts carry a statutory maximum sentence of 20 years' imprisonment.  All defendants were remanded into the custody of the United States Bureau of Prisons following their convictions.

Fagan and Johnson were charged in Counts 1 through 5 of the indictment and were convicted on all counts.  According to the evidence, Fagan recruited the straw buyers who bought the properties listed in the indictment and received approximately $1,300,000 in mortgage fraud proceeds.  Johnson served as the settlement agent who handled the real estate closings and diverted fraud proceeds to herself and family members.  Arthur, charged and convicted of Counts 1, 3, and 5, was an Executive Assistant to the Fire Chief in the City of Miami Fire Department who served as a straw buyer.  Arthur received approximately $317,000 in fraud proceeds in less than a month.

The properties in the case were located at 3370 NE 190 Street, Aventura, Florida, which is known as the Hidden Bay Condominium Complex.  During the course of the conspiracy approximately $11,000,000 in fraudulent loans were issued, resulting in a loss to lenders of approximately $7,000,000. 

Sentencing for Johnson and Fagan has been scheduled for December 15, 2011at 8:30am.  Sentencing for Arthur has been scheduled for December 16, 2011 at 8:30 am. 

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, announced the conviction.

Mr. Ferrer commended the investigative efforts of the FBI.  The case was prosecuted by Assistant U.S. Attorneys Armando Rosquete and Sean McLaughlin.

Courtesy 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 2 commentsDavid Saks • October 05 2011 07:32PM

Comments

Very Scary David. I will never get this sort of thing.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 9 years ago

A 7 million loss is staggering, Sheila, but is tragically commonplace given the frequency of recent mortgage fraud and real estate crimes. It's taken a toll on the nation and the world economy. Thank you for reviewing the case.

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

This blog does not allow anonymous comments