David Saks: REAL ESTATE SWINDLER GETS FIVE YEARS IN PRISON FOR SELLING HOMES HE DIDN'T OWN

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REAL ESTATE SWINDLER GETS FIVE YEARS IN PRISON FOR SELLING HOMES HE DIDN'T OWN

Fraudster Gets 5 Years for Selling 3 Homes He Didn't Own

Darryl Cobb, 54, Birmingham, Alabama, has been sentenced to five years in prison for a mortgage fraud scheme in which he sold three houses that he did not own.

U.S. District Judge Sharon Lovelace Blackburn sentenced Cobb on two counts of mail fraud in connection to the scheme. Cobb pleaded guilty to the charges in August 2011. The judge also ordered Cobb to pay restitution of $262,861 and to forfeit $262,861 to the government as proceeds of his illegal activity.

 

According to Cobb's plea agreement with the government, his scheme was uncovered after the owner of a home in the 7900 block of 4th Avenue South, Birmingham, Alabama, complained to Birmingham police that someone was living in the house, which should have been vacant. The owner had gotten the house in a will from a deceased parent.

The person living in the house said they had bought it from Cobb. Further investigation showed Cobbhad filed false documents in Jefferson County, Alabama, court and with a mortgage company claiming to be the rightful owner of the property, according to the plea agreement. Records searches determined Cobb had conducted two other fraudulent transactions using identical methods to obtain control over two other properties, which he then sold under the false pretense that he was the rightful owner and seller.

Those houses are located in the 2700 block of Wood Drive, Birmingham, Alabama, and the 7500 block of 4th Avenue South, Birmingham, Alabama.

U.S. Attorney Joyce White Vance, FBI Special Agent in Charge Patrick Maley and the inspectors general of the departments of Housing and Urban Development and the Social Security Administration.

The FBI and inspector general's offices for both HUD and the Social Security Administration investigated the case. Assistant U.S. Attorney Patrick Carney prosecuted the case.

"Mortgage fraud is a considerable problem that plagues our communities and damages our country," Vance said. "We will continue to work tirelessly to uncover, investigate and prosecute any individual committing mortgage fraud. We want to send the clear message that if you lie on mortgage documents, you will be held accountable for your fraud."

Courtesy Mortgage Fraud Blog




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Comment balloon 2 commentsDavid Saks • February 01 2012 11:48AM

Comments

It seems incredible that a scheme like this worked once, never mind three times. I guess he got caught in the end though.

Posted by Malcolm Johnston, Trenton Real Estate (Century 21 Lanthorn Real Estate LTD., Trenton, Ontario) about 8 years ago

Dude was apparently a pretty gutsy con artist, Malcolm. He earned his prison sentence.

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

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