David Saks: LOAN APPLICANT SENT TO JAIL

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 APPLICANT SENT TO JAIL

Loan Applicant Sentenced for Misrepresenting his Assets

Ronald Tate, 42, Middletown, Delaware, has been sentenced by Chief Judge Gregory M. Sleet to a two year term of prison for submitting a fraudulent mortgage application.

In June 2011, Tate pled guilty to a two-count Felony Information, charging him with one count each of mail fraud and wire fraud. In early 2008, with the assistance of others, Tate submitted a fraudulent mortgage application to fund the purchase of a home valued at almost $1 million in North Wilmington, Delaware. The application included false information about Tate's employment and income, as well as a false verification of funds on deposit.

The following year, between May and September of 2009, Tate cashed six different checks totaling more than $240,000, obtained from credit unions around the country. Each of these checks had been obtained on the false premise that it was a loan to be used to fund the purchase of a car, when, in fact, the funds were used for other purposes and no payments were made on the associated loans.

Charles M. Oberly, III, United States Attorney for the District of Delaware, announced the sentence.

This case was prosecuted by Assistant United States Attorney Lesley F. Wolf and was jointly investigated by the Federal Bureau of Investigation and Delaware State Police. For further information, contact Press Information Officer Kimberlynn Reeves at (302) 573-6277, ext. 16287.

United States Attorney Charles M. Oberly, III, stated,"Today's sentencing highlights the serious nature of the crimes committed by Mr. Tate and demonstrates that abuses of the financial system cannot and will not be tolerated. The United States Attorney's Office, working with federal and state law enforcement partners, remains firmly committed to the aggressive pursuit of individuals and entities who compromise the integrity of the financial system through the commission of fraud."

source: Mortgage Fraud Blog




David Saks



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Comment balloon 2 commentsDavid Saks • April 04 2012 08:56AM

Comments

I always kid around when I am going through the application with a client... on page 3 I point at all of the fine print and say "all this says I am not lying or I will go to jail and may be fined $10k"

People seem to forget that the forms are Uncle Sam legal forms... and they are taken seriously.

Posted by Robert Rauf (HomeBridge Financial Services (NJ)) almost 8 years ago

2 years is too short. . .he not only lied to the mortgage company but other banks as well. .he needs a lesson

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) almost 8 years ago

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