David Saks: ANOTHER SENTENCED FOR MORTGAGE FRAUD - OTHERS CHARGED

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

ANOTHER SENTENCED FOR MORTGAGE FRAUD - OTHERS CHARGED

Johnson County Man Sentenced on Bank Fraud Charges

U.S. Attorney’s Office January 28, 2013
  • District of Kansas (316) 269-6481
 

KANSAS CITY, KS—A Johnson County man has been sentenced to 15 months in federal prison on bank fraud charges, U.S. Attorney Barry Grissom said today. In addition, he was ordered to pay a $5,000 fine.

Kevin M. Mahoney, 44, Stilwell, Kansas, pleaded guilty to one count of conspiracy to commit wire fraud. In his plea, he admitted he conspired with co-defendant Paul Hartfield and others to make false representations to lenders in order to fraudulently obtain funds from mortgage lenders.

Hartfield owned two businesses: Hart Investments Inc. and Diamond Mortgage, both in Overland Park, Kansas. Kevin Mahoney was a loan officer for Diamond Mortgage.

Hart Investments purchased depressed properties in order to rehabilitate them and sell them at a profit. Hart Investments obtained loans to rehabilitate homes on a “subject to appraisal” basis that allowed the company to withdraw money as rehabilitation progressed. Starting in October 2006, Hartfield stopped rehabilitating houses. Instead, Hartfield, Mahoney, and others made false representations to lenders in order to fraudulently obtain loan funds.

Mahoney made false statements on loan applications and submitted them to mortgage lenders to fraudulently obtain loan funds for the following properties: 11339 Sycamore Terrace, Kansas City, Missouri; 3401 Tauromee Avenue, Kansas, City, Kansas; 48 Z Lake Shore Drive, Lake Lotawana, Missouri; 58 T Lake Shore Drive, Lake Lotawana, Missouri; 4132 Charlotte Street, Kansas City, Missouri; and 3921 Wyoming Street, Kansas City, Missouri.

Co-defendants included:

  • Paul Hartfield, who was sentenced to 78 months in federal prison and ordered to pay $2.6 million restitution.
  • Brian D. Jaimes, who was sentenced to 24 months.

John T. Bradfield, who was sentenced to 15 months.

Grissom commended the FBI, the Internal Revenue Service, the FDIC-Office of Inspector General, Assistant U.S. Attorney Jabari Wamble, and Assistant U.S. Attorney David Smith for their work on the case.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • January 29 2013 08:00AM

Comments

David, We have to keep our lending above board. When those that cheat and bend the rule are known, it is our responsibility to report to keep the system working for all.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 7 years ago

Some people just don't get it. Debbie. Misrepresentations on real estate loan documents are not allowed.

Posted by David Saks ((retired)) almost 7 years ago

This blog does not allow anonymous comments