David Saks: CLOSING ATTORNEY PLEADS GUILTY TO REAL ESTATE 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

CLOSING ATTORNEY PLEADS GUILTY TO REAL ESTATE FRAUD

Closing Attorney Admits Role in Mortgage Conspiracy

Kimberly S. Daise, Miami, Florida, an attorney, pled guilty on January 11, 2012, in connection with a mortgage fraud scheme relating to a property in the Versailles development in Wellington, Florida. 

As previously reported by Mortgage Fraud Blog, Daise submitted false documentation to mortgage lenders substantially inflating the purchase price of the properties. 

As part of the conspiracy, two sets of  HUD-1 Settlement Statements were prepared. 

One form, listing the real price, was provided to the seller. 

Another form, with the inflated price, was provided to the lender. 

The difference between the real price and the inflated price was either made to appear as if it were a debt owed to business entities controlled by the defendant and her co-conspirators, or was made to appear as profits to the sellers. 

The fraudulent loan proceeds were ultimately used for the benefit of the defendant and her co-conspirators. 

More specifically, the Information alleged that defendant Daise was involved in a mortgage fraud scheme that generated more than $3.2 million in mortgage loans and approximately $500,000 in fraudulent loan proceeds involving a properties located at 10543 Versailles Blvd., Wellington, Florida and 10727 Versailles Blvd., Wellington, Florida

The defendant pled guilty to count one, conspiracy to commit fraud on a financial institution and wire fraud, in violation of Title 18, United States Code, Section 1349.

Courtesy Mortgage Fraud Blog




David Saks



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Comment balloon 0 commentsDavid Saks • February 01 2012 12:23PM

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