David Saks: Third Defendant in Real Estate Fraud Case Pleads Guilty

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

Third Defendant in Real Estate Fraud Case Pleads Guilty

Third Defendant in Real Estate Fraud Case Pleads Guilty

U.S. Attorney’s Office April 11, 2013
  • District of Colorado (303) 454-0100

DENVER—Alois Craig Weingart, age 59, of Castle Rock, Colorado, pled guilty to one count of making a false statement to a bank, U.S. Attorney John Walsh, IRS-Criminal Investigation Special Agent in Charge Stephen Boyd, and FBI Denver Acting Special Agent in Charge Steven Olson announced. Weingart entered his guilty plea before Chief U.S. District Court Judge Marcia S. Krieger and is scheduled to be sentenced on July 8, 2013. In the same case, Waunita Weingart pled guilty to two counts of wire fraud on March 13, 2013, and is scheduled to be sentenced on June 17, 2013. John Gallegos pled guilty to one count of making a false statement to a bank and is scheduled to be sentenced on May 6, 2013.

According to the stipulated facts contained in Waunita Weingart’s plea agreement, beginning in 2000 and continuing through 2008, she devised a scheme to defraud lenders that funded residential mortgage loans. She was an experienced mortgage broker, settlement agent, and licensed title insurance producer. Alois Craig Weingart is her husband; John Gallegos is her son. As part of her scheme, she, John Gallegos, and Craig Weingart each repeatedly obtained mortgage loans for their properties in Castle Rock and Boulder, Colorado, pledging the same properties again and again as collateral to each successive lender without paying off the prior loans. Waunita Weingart used her mortgage brokerage, G-4 Holding, as well as two escrow/title companies she controlled, Colorado County and Community Title and Real Estate Title, to facilitate her fraud.

For each new loan, Waunita Weingart made it appear as though the lender would obtain a first priority security interest in the property, knowing that it would not. In preparing the loan applications and providing information to the lenders for the applications, she incorporated false representations as necessary to assure that the borrowers would qualify for the loans. Each application substantially overstated the borrower’s true income, falsely representing that he or she had high monthly earnings from employment at another company Waunita Weingart controlled. Each application also falsely represented that the borrower owned numerous properties that he or she did not in fact own. As a result of her scheme, lenders lost over 12 million dollars.

Alois Craig Weingart pled guilty to making a false statement to obtain loans for his Castle Rock property; John Gallegos pled guilty to making a false statement to obtain a loan for another property he owned in Seattle, Washington.

“The defendants in this case thought they could out-smart the financial system,” said U.S. Attorney John Walsh. “Crimes such as this ultimately hurt our economy as well as those who applies for a mortgage.”

“IRS-Criminal Investigation is committed to working diligently with our law enforcement partners to ensure that those who engage in these illegal activities are vigorously investigated and brought to justice,” said Stephen Boyd, Special Agent in Charge, IRS-Criminal Investigation, Denver Field Office.

“Investigating mortgage fraud is a priority for the FBI as it hurts homeowners, businesses, and the economy,” said FBI Denver Acting Special Agent in Charge Steven Olson. “Working closely with the IRS-Criminal Investigations and the U.S. Attorney’s Office, we were able to see that the three defendants were charged and ultimately convicted for fraud.”

Waunita Weingart faces not more than 20 years’ imprisonment and up to a $250,000 fine per count for two counts of wire fraud. Craig Weingart and John Gallegos face not more than 30 years’ imprisonment and up to a $1,000,000 fine for making a false statement to a bank.

This case was investigated by special agents with IRS-Criminal Investigation and the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorneys Linda Kaufman and Martha Paluch.

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



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 11 2013 01:24PM


This blog does not allow anonymous comments