David Saks: LOAN OFFICER INDICTED FOR MORTGAGE FRAUD CONSPIRACY

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

LOAN OFFICER INDICTED FOR MORTGAGE FRAUD CONSPIRACY

Loan Officer Indicted for Mortgage Fraud Conspiracy

Rex Adams, 52, Tucson, Arizona, has been indicted on four charges of Conspiracy to Commit Wire Fraud, Wire Fraud, and False Statement to Influence a Financial Institution.

 

At the time of the allegations in this indictment, Adams worked as a manager and loan officer for a mortgage broker in Tucson, Arizona. The indictment charges Adams for his involvement in a "cash back" mortgage fraud conspiracy that occurred between February and June 2006. The indictment alleges that the co-conspirators used straw buyers to purchase nine properties in Tucson, Nogales, and Vail, Arizona. These properties were purchased between February and June 2006, for prices ranging from $530,000 to $1,300,000. The co-conspirators obtained approximately $6,000,000 in fraudulent loans to purchase these properties. Adams was the seller of four of the properties.

According to the indictment, the mortgage loan applications used to obtain these loans contained at least one or more of the following material misrepresentations: (1) false statement concerning the applicant's intent to reside at the property as a primary residence; (2) false statement concerning monthly income; (3) false representation concerning employment, or (4) failed to disclose that the buyer had recently purchased another property.

In some of the transactions, the co-conspirators concealed from the lenders that large payments were made to an unrelated third party using a portion of the fraudulently obtained proceeds. Each of the loans or properties in the indictment went into default, "short sale," or foreclosure after the loan applicants failed to make payments on the mortgages.

An indictment is simply the method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until competent evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

A conviction for Conspiracy to Commit Wire Fraud, Wire Fraud affecting a financial institution, and False Statement to Influence a Financial Institution carries a maximum penalty of 30 years imprisonment, a $1,000,000 fine or both for each count. In determining the actual sentence, the judge will consult the U.S. Sentencing Guidelines, which provide appropriate sentencing ranges. The judge, however, is not bound by those guidelines in determining a sentence.

The investigation preceding the indictment was conducted by the Internal Revenue Service-Criminal Investigation Division. The prosecution is being handled by Jonathan Granoff and Gordon Davenport III, Assistant U.S. Attorneys, District of Arizona, Tucson.

Courtesy Mortgage Fraud Blog




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Comment balloon 0 commentsDavid Saks • March 07 2012 06:14AM

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