David Saks: TWO WILL SERVE TIME IN PRISON FOR MORTGAGE FRAUD

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

TWO WILL SERVE TIME IN PRISON FOR MORTGAGE FRAUD

2 Sentenced to Prison for Mortgage Fraud Conspiracy

Derek Edward Sawyer and Rigoberto Monroy-Parra have each been sentenced (Sawyer, Monroy-Parra) to 18 months in prison for their roles in an Arizona mortgage fraud scheme.

Indicted on June 16, 2010, with nine other defendants, the case against the defendants involved a conspiracy to submit mortgage loan applications on behalf of straw buyers that contained at least one or more of the following material false statements: false statements concerning the intent of the loan applicant to occupy the property as a primary residence; inflated income; false representations concerning employment; or failed to disclose that the loan applicant had recently purchased another property that contained a major liability, a mortgage.

 

After the title company received the proceeds from the fraudulently obtained loans, portions of those proceeds were converted into cash. 

The scheme involved the sale of nine properties that were purchased between January and February of 2007.

Each of these properties went into foreclosure after the buyers failed to pay the mortgage payments.

The estimated losses to the various financial institutions and/or the Federal Deposit Insurance Corporation (FDIC) relating to these transactions exceeded $1,000,000.

Courtesy Mortgage Fraud Blog




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • November 16 2011 12:56AM

Comments

And the doofuses keep on rolling in???

Obviously they cant think clear but does anyone really want to wind up on your blog (lol) only in comments my friend. Thanks for continuing to share the real results of bad decisions. Hopefully it will divert some thinking of going to the dark side

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) over 8 years ago

Bad news just keeps on rolling along like Old Man River, David. Thanks for the note.

Posted by David Saks ((retired)) over 8 years ago

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