David Saks: MEMPHIS ATTORNEY BUSTED FOR CLOSING STATEMENT FRAUD

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MEMPHIS ATTORNEY BUSTED FOR CLOSING STATEMENT FRAUD

Local Attorney Indicted for Bank Fraud

U.S. Attorney’s Office January 11, 2013
  • Western District of Tennessee (901) 544-4231
 

MEMPHIS—Sharon Anderson, 49, of Oakland, Tennessee, has been charged in a one-count indictment charging bank fraud, announced United States Attorney for the Western District of Tennessee Edward L. Stanton, III.

Anderson, an attorney with offices in Cordova, was arrested this morning and is expected to be released this afternoon on bond after an appearance before U.S. Magistrate Judge Diane K. Vescovo.

According to the indictment, Anderson defrauded First Citizens Bank in connection with a mortgage loan for the purchase of property in Memphis by submitting a fraudulent settlement statement to the bank.

At the closing of the sale, Anderson disbursed $65,000 to the seller of the property and $8,950.78 to the buyer of the property.

She prepared a settlement statement that she provided to the seller that reflected these disbursements based on a sales price of $97,500, a First Citizens Bank loan of $78,000, and a $31,126.08 “seller second” mortgage from the seller to the buyer.

However, Anderson prepared a different settlement statement for First Citizens Bank.

The settlement statement sent to First Citizens Bank fraudulently represented a $96,126.08 disbursement to the seller and represented that the buyer would pay $22,175.30 at the closing.

The settlement statement submitted to First Citizens Bank fraudulently indicated that the buyer was investing money to purchase the property when, in fact, he obtained a portion of the loan proceeds as cash out of the closing.

The “second seller” mortgage listed on the settlement statement provided to the seller was a fiction to divert funds from the seller to the buyer.

This investigation is being conducted by the Federal Bureau of Investigation. Assistant U.S. Attorney John Fabian represents the government.

source:FBI



David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • January 15 2013 08:30AM

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