David Saks: Man Sentenced to Six Years in Prison for Mortgage Fraud Scheme

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

Man Sentenced to Six Years in Prison for Mortgage Fraud Scheme

Centennial Man Sentenced to Six Years in Prison

for Mortgage Fraud Scheme

U.S Attorney’s Office October 06, 2014
  • District of Colorado (303) 454-0100


Chaval Williams, age 53,

of Centennial, CO,

was sentenced last week by U.S. District Court Judge William J. Martinez to serve

74 months in federal prison

for wire fraud, identity theft and money laundering federal authorities announced.

Following his prison sentence, Williams was ordered to serve three years on supervised release. Williams was also ordered by Judge Martinez to pay $766,800.81 in restitution. He was ordered to report to a Bureau of Prisons facility once one is designated. Williams was indicted by a federal grand jury in Denver on June 8, 2011 and pled guilty on May 29, 2013.

According to the indictment and plea agreement, from March 2005, through December 2006, Williams conducted business in the State of Colorado through his company “TCW of Denver, Inc.”, during which time he arranged for or assisted buyers to obtain loans for the purchase of homes.

He held himself out to others as a real estate investor, involved in the purchase and sale of residential real estate for investment purposes.

Williams with the assistance of others devised a scheme to defraud real estate lenders, particularly by fraudulently securing real estate financing for the purchase of properties, typically through the use of nominee (or “straw”) home buyers. Williams informed some of the buyers that they were making a legitimate real estate purchase for investment purposes. In some instances, he made certain buyers aware in the course of assisting them obtain a home loan based on false representations to the lender. In several instances, Williams along with others used the stolen identity and good credit history of two particular individuals.

Williams sometimes provided false information to lenders including proof of employment such as pay stubs or wage and tax statements, bank statements, verifications of employment, rent or deposit, letters of explanation related to buyers’ credit history, affidavits of intent to occupy the purchased residence and identification documents.

Furthermore, Williams sometimes caused or assisted in causing lenders to provide a significant portion of lender funds directly to himself or his company TCW of Denver. To make these payments appear legitimate, he sometimes caused false and fictitious promissory notes, payoff statements, or other documents to be presented in connection with the closing of the property.

He arranged for home buyers to receive kickbacks as payment for their role in purchasing a home.

Williams on several occasions purchased and then resold a home to a buyer within the same day, collecting a substantial profit from the resale and would conceal from the lender the resale of the property.

The total loss amount Williams caused to the functional institutions was over

2.4 million dollars.

“The significant prison sentence pronounced in this case is appropriate given the defendant’s criminal conduct,” said U.S. Attorney John Walsh. “Mortgage fraud schemes, like the one Williams implemented, not only adversely impact the housing market, they also hurt our entire economy.”

“This is a simple case of pure greed” said Stephen Boyd, Special Agent in Charge, IRS Criminal Investigation, Denver Field Office. “This is evident by the fact that Williams concealed from lenders the purchase and reselling of homes within the same day.”

“Identifying and investigating this fraud was only possible through the collaborative effort of several law enforcement agencies and the United States Attorney’s Office,” stated FBI Denver Special Agent in Charge Thomas Ravenelle. “We are confident this sentence will deter Williams and others from manipulating home buyers and financial institutions in the future.”

This case was investigated by IRS Criminal Investigation, the Federal Bureau of Investigation and the United States Secret Service.

The defendant is being prosecuted by Assistant U.S. Attorney Tiff Neff.

This content has been reproduced from its original source.

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 2 commentsDavid Saks • October 07 2014 10:43AM


David, The 2.4 million dollar loss sounds like the real net loss could have been even higher.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

Thanks for the note, Sam.

Posted by David Saks ((retired)) over 5 years ago

This blog does not allow anonymous comments