David Saks: MAN GUILTY IN $1 MILLION MORTGAGE FRAUD SCHEME

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MAN GUILTY IN $1 MILLION MORTGAGE FRAUD SCHEME

Tracy Man Pleads Guilty in $1 Million Mortgage Fraud Scheme

U.S. Attorney’s Office February 22, 2013
  • Eastern District of California (916) 554-2700
 

SACRAMENTO, CA—Reginald Dodson Sr., 42, of Tracy, pleaded guilty today to mail fraud in connection with a mortgage fraud scheme, United States Attorney Benjamin B. Wagner announced.

This case is the product of an investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation. Assistant United States Attorney Michael Beckwith is prosecuting the case.

According to court documents, between October and December 2006, Dodson knowingly participated in a scheme to obtain money and property by means of false and fraudulent representations and promises. Buena Marshall, 67, of Sacramento, recruited Temika Reed, 32, of Bay Point, an unqualified straw buyer, to purchase seven properties at inflated prices using, in most cases, 100 percent financing. Marshall, a licensed real estate salesperson, acted as Reed’s agent for four of the seven property purchases. Deborah Loudermilk, 55, of Suisun City, also a licensed real estate salesperson, acted as Reed’s agent for two of the seven property purchases. Dodson, who worked for W.B. Financial, was the loan officer on three of Reed’s seven property purchases.

Marshall and Loudermilk structured each of Reed’s real estate transactions so Reed, as the buyer, and others could receive money back from the respective sellers. These “kickbacks” were part of a cash-back-to-buyer scheme.

Dodson prepared and submitted loan applications that had false information, regarding, Reed’s employment, income, and intent to occupy the properties as her primary residence. He also failed to disclose to certain lenders other properties being purchased by Reed. Finally, Dodson had co-defendant Kadesta Harris, 58, of Suisun City, sign two Verification of Employment letters stating Reed worked for Harris’ company. The various false claims on Reed’s mortgage applications caused three lenders to provide financing to an otherwise unqualified borrower. Dodson’s conducted resulted in losses of approximately $758,940 to non-federally insured financial institutions.

Dodson is scheduled to be sentenced by U.S. District Judge Garland E. Burrell Jr. on May 10, 2013. Reed pleaded guilty on September 21, 2013; she is scheduled to be sentenced on March 29, 2013.

The remaining defendants in this case including co-defendant Jake Weathers, 37, of Sacramento, are scheduled for a status conference before Judge Burrell on March 29, 2013. The charges against them are only accusations, and they are presumed innocent until and unless proven guilty beyond a reasonable doubt in a court of law.

If convicted, the defendants face a maximum statutory penalty of 20 years in prison, a $250,000 fine, and a three-year term of supervised release. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • February 25 2013 03:03PM

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