David Saks: WOMAN CONVICTED OF MULTI-STAGE MORTGAGE FRAUD SCAM

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

WOMAN CONVICTED OF MULTI-STAGE MORTGAGE FRAUD SCAM

Woman Convicted of Multi-Stage Mortgage Fraud Scam

Celia Thomas, 49, Dorchester woman was convicted by a federal jury of multiple counts of wire fraud, bank fraud, and theft of public money for a multi-stage mortgage fraud scheme.

Thomas was convicted of mortgage fraud and the theft of public housing assistance money. She was convicted on all counts of an indictment, which included three counts of wire fraud, two counts of bank fraud, and one count of theft of federal funds.

During the period 2003 through 2009, Thomas participated in a multi-stage mortgage fraud scheme, acquiring properties, including her residence at 10 Dix Street, Dorchester, Massachusetts,by providing falsely inflated income figures to the mortgage lenders.

Thereafter, she and her co-schemers arranged a series of sham re-sales of various properties, using numerous individuals who served as "straw buyers," with mortgage loans obtained by submitting false information to the lenders. In several instances, Thomas collected tens of thousands of dollars in "proceeds" from the sham sales. In other instances, the properties were "dumped" by transferring title to a straw buyer and immediately defaulting on the mortgage loans.

Thomas, who was employed by Boston Department of Neighborhood Development at the time, collected approximately $60,000 in Section 8 Housing Assistance by using a phony identity, "Fitzgerald Thomas," to pose as the landlord for her own residence, 10 Dix Street.

Thomas faces up to 30 years in prison, to be followed by five years of supervised release, and a $1,000,000 fine on each of two bank fraud convictions; up to 20 years in prison, to be followed by three years of supervised release, and a $250,000 fine on each of wire fraud convictions; and up to 10 years in prison, to be followed by three years of supervised release, and a $250,000 fine on the theft of federal funds (housing assistance payments) conviction.

United States District Judge William G. Young scheduled sentencing for July 11, 2012.

United States Attorney Carmen M. Ortiz; Cortez Richardson, Special Agent in Charge of the U.S. Department of Housing and Urban Development's Office of Inspector General; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation-Boston Field Division; Robert Bethel, Inspector in Charge of the U.S. Postal Inspection Service; and Boston Police Commissioner Edward Davis made the announcement today. The case is being prosecuted by Assistant U.S. Attorneys Lori J. Holik and James J. Fauci.

Mortgage fraud is a key focus of the Department of Justice, which created the Financial Fraud Enforcement Task Force in 2009. The task force works to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

source: Mortgage Fraud Blog




David Saks



Time&Temp Memphis

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Comment balloon 3 commentsDavid Saks • April 11 2012 01:21PM

Comments

What an amazing blog. If Celia Thomas had spent the time and effort that she put into this fraud scheme she could have made a lot of money in an honest way. It is probably good for unethical people to see this happening to dishonest people.

Betty

Posted by Team Honeycutt (Allen Tate) over 8 years ago
I hope and pray that she gets off with just probation! And it's just a MAJOR lesson learned.
Posted by Kat about 8 years ago

Her federal sentencing guidlines will be stiff because of her multiple-all count conviction for defrauding the public. I would send her to prison.

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

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