Man Indicted for Mortgage Loan Scheme
Jeffrey Dillard Square, 50, Center Point, Alabama has been indicted for bank fraud in connection with a $61,000 mortgage loan scheme.
According to the indictment, in July 2006, Square engaged in a scheme to defraud Renasant Bank and Ohio Savings Bank of mortgage loan funds by causing false documents to be submitted in support of two mortgage loans – one from each bank. Square obtained a total of $61,000 from the two banks as a part of the scheme, according to the indictment.
If convicted, Square faces a maximum sentence of 30 years in prison and a $1 million fine for each count.
The announcement was made by U.S. Attorney Joyce White Vance and FBI Special Agent in Charge Patrick Maley.
The FBI investigated the case, which is being prosecuted by Assistant U.S. Attorney Melissa K. Atwood.
Members of the public are reminded that an indictment contains only charges. A defendant is presumed innocent of the charges and it will be the government’s burden to prove a defendant’s guilt beyond a reasonable doubt at trial.
source: Mortgage Fraud Blog