David Saks: Mortgage Fraud Swindler Report - $10 Million Swindled in This One

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

Mortgage Fraud Swindler Report - $10 Million Swindled in This One

Dallas Residents Affiliated with Bridgemark Investment Group Sentenced
Mortgage Fraud Conspiracy Resulted in More Than $10 Million in Fraudulently Obtained Loan Proceeds

U.S. Attorney’s Office September 09, 2013
  • Northern District of Texas (214) 659-8600

DALLAS—Eric Damon Johnson, 51, and Tracie Elaine Stenson, 50, both of Dallas, were sentenced this morning by U.S. District Judge David C. Godbey to 48 months and 57 months, respectively, following their guilty pleas earlier this year to their roles in a mortgage fraud conspiracy. In addition, Judge Godbey ordered that they pay, jointly and severally, $3,753,539 in restitution. Today’s announcement was made by U.S. Attorney Sarah R. Saldaña of the Northern District of Texas.

Johnson pleaded guilty to a superseding information charging one count of conspiracy to commit wire fraud affecting a financial institution. Johnson was a licensed loan officer and mortgage broker and the president of Bridgemark Investment Group (BIG), which had offices on Hampton Road in Desoto, Texas.

BIG’s motto was “Bridging the Gap between the Poor and the Wealthy.”

Stenson pleaded guilty to one count of conspiracy to commit wire fraud, as charged in the indictment returned by a federal grand jury in Dallas in October 2011. As the chief of operations at BIG, Stenson worked as a loan officer and processor.

According to documents filed in the case, Johnson and Stenson conspired to fraudulently obtain mortgage loans in excess of the true sales price of residential real estate properties by making false statements on loan applications and submitting fake invoices for construction upgrades or repairs that were never performed.

The conspiracy resulted in more than $10 million in fraudulently obtained loan proceeds.

BIG recruited individuals to purchase residential real estate as “investors,” and Johnson and Stenson promised investors that BIG would find tenants to rent the property and make the mortgage payments.

Johnson and Stenson agreed to make payments to the “investors” when the loan closed that were not disclosed to the mortgage lender on the HUD-1 Settlement Statement.

Stenson prepared false loan applications for the investors that included, among other things, material misrepresentations regarding the borrower’s monthly income, intention to occupy the property, assets, and liabilities.

The loan applications were submitted to residential mortgage lenders, who on the basis of the false statements in the loan applications, agreed to fund primary and secondary mortgages for residential real estate properties.

This case was prosecuted 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. attorney’s 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.

The investigation was conducted by the FBI and Internal Revenue Service-Criminal Investigation. Assistant U.S. Attorneys J. Nicholas Bunch and P.J. Meitl prosecuted.

source: FBI

http://www.fbi.gov/dallas/press-releases/2013/dallas-residents-affiliated-with-bridgemark-investment-group-sentenced?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=255650




David Saks



Time&Temp Memphis

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Comment balloon 8 commentsDavid Saks • September 10 2013 09:39AM

Comments

David, eventually justice catches up with people like this! Thanks for the info!
Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) over 6 years ago

Yes it does, Silvia.

Posted by David Saks ((retired)) over 6 years ago

And well-deserved too. Maybe it should have been longer, David.

Posted by Toni Weidman, 20+ Years Selling Homes in New Port Richey, FL (Sailwinds Realty) over 6 years ago

I always have to wonder if these crooks ever stashed any of their ill gotten gains and will have it available when they get released from prison.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 6 years ago

I agree, Toni. Thanks for the note.

Posted by David Saks ((retired)) over 6 years ago

I remember an interesting Alfred Hitchcock television episode, Gabe, about an insurance man who stole a bundle and happily went to prison for it. When he got out he lived the life of Riley. I wish I could remember the title of the episode. It's probably on YouTube. Hope you're having a great day.

Posted by David Saks ((retired)) over 6 years ago

David, I just read your profile, and am very impressed with all you have done and do now.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) over 6 years ago

Thank you, Rebecca. I'm honored by your kind comment. My hopes for your continued success.

Posted by David Saks ((retired)) over 6 years ago

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