David Saks: Loan Officer Convicted of Fraud/ID Theft Related to Mortgage Fraud

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

Loan Officer Convicted of Fraud/ID Theft Related to Mortgage Fraud

Former Loan Officer Convicted of Fraud and Identity Theft Related to Mortgage Fraud Scheme

U.S. Attorney’s Office April 10, 2013
  • District of Nevada (703) 388-6336
 

LAS VEGAS—Following a six-day jury trial, Nicholas Lindsey, 40, of, Billings, Montana, was convicted today of nine counts of wire fraud and one count of aggravated identity theft for his role in a mortgage fraud scheme, announced Daniel G. Bogden, United States Attorney for the District of Nevada.

“Many innocent homeowners in Nevada have suffered because of this type of crime involving fraudulent residential mortgage transactions,” said U.S. Attorney Bogden. “Since 2008, when the FBI and our office made mortgage fraud prosecutions a priority, we have investigated, charged, and convicted hundreds of persons for federal mortgage fraud crimes, and most of them are now serving time in federal prison.”

According to the indictment and evidence presented to the jury during the trial, from about May to September 2006, Lindsey, who worked as a loan officer for Clear Mortgage and Signature Mortgage, recruited straw buyers to participate in what he described as a lucrative real estate investment opportunity by purchasing five homes in the Las Vegas area. Evidence at trial demonstrated that Lindsey secured over $3 million in mortgage loans by knowingly causing to be placed in the straw buyers’ mortgage loan applications false information concerning the buyers’ income, assets, and intents to occupy the homes. Once the mortgages were approved, Lindsey fraudulently diverted to his bank account a portion of the proceeds disbursed from escrow and used these funds for his own benefit. Lindsey realized additional profits by living in or renting out properties in the buyers’ names.

In addition to the five homes of which the buyers were aware, Lindsey stole two buyers’ identities and used their personal information to purchase three additional properties in their names. The evidence established that Lindsey leased two of these properties and collected rental income and used the third as his own personal residence. After collecting profits, Lindsey stopped making the mortgage payments on the properties and allowed all eight homes to default in the borrowers’ names, causing an estimated loss to lenders of $1.6 million.

Lindsey was ordered detained pending sentencing. He is scheduled to be sentenced by Senior U.S. District Judge Lloyd D. George on July 22, 2013, at 9:00 a.m. He faces up to 30 years in prison on each fraud count, as well as two years in prison on the aggravated identity theft count, which must be served consecutively to any prison term ordered on the fraud counts. He also faces fines of up to $1 million on each count.

The case was investigated by the FBI and is being prosecuted by Assistant U.S. Attorney Christina Brown and Department of Justice Trial Attorney Brian Young.

This case was handled in connection with the President’s Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices, and state and local partners, it is the broadest coalition of law enforcement, investigatory, and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed nearly 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,900 mortgage fraud defendants. For more information on the task force, please visit www.stopfraud.gov.

source: FBI



David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • April 10 2013 03:40PM

Comments

This blog does not allow anonymous comments