David Saks: Five Texans Sentenced in East Texas Mortgage Fraud Conspiracy

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

Five Texans Sentenced in East Texas Mortgage Fraud Conspiracy

Texans Sentenced in East Texas Mortgage

Fraud Conspiracy

U.S. Attorney’s Office March 17, 2015
  • Eastern District of Texas (409) 839-2538

PLANO, TX—Five defendants have been sentenced for their roles in a mortgage fraud conspiracy in the Eastern District of Texas, announced U.S. Attorney John M. Bales today. Sentencing hearings were held before U.S. District Judge Marcia Crone.

Debra Rush-Santens,

42,of Plano, pleaded guilty on Oct.4, 2012, and was sentenced to 60 months in federal prison on Mar. 12, 2015, and ordered to pay restitution in the amount of 6,215,087.47.

Casey Irons,

42, of Rockwall, Texas, pleaded guilty on Dec 18, 2012, and was sentenced to 87 months in federal prison on Mar. 12, 2015, and ordered to pay restitution in the amount of $5,907,697.05.

Chris Limbrick,

47, of Houston, pleaded guilty on Nov 8, 2012, and was sentenced to 47 months in federal prison on Mar. 13, 2015, and ordered to pay restitution in the amount of $4,521,764.15.

Gregory Preston,

43, of Cedar Hill, Texas, pleaded guilty on Dec 18, 2012, and was sentenced to 42 months in federal prison on Mar. 16, 2015, and ordered to pay restitution in the amount of $3,085,085.52.

Eric Patterson,

36, of Dallas, pleaded guilty on Nov 8, 2012, and was sentenced to 25 months in federal prison on Mar. 12, 2015, and ordered to pay restitution in the amount of $1,233,784.91.

Santens, Irons, Limbrick, and Preston all pleaded guilty to conspiracy to commit money laundering. Patterson and another conspirator, Michael Allen, 47, of Houston, pleaded guilty to conspiracy to commit wire fraud. Allen pleaded guilty on July 7, 2014, and does not have a sentencing date at this time.

According to information presented in court, from July 2006 to March 2008, in the Eastern District of Texas and elsewhere, Santens conspired with Irons, Limbrick, Preston, Patterson, and Allen to engage in monetary transactions in criminally-derived property of a value greater than $10,000, which property was derived from wire fraud, that is a scheme to induce lending institutions to fund mortgage loans for residential properties for which the property values had been fraudulently inflated for buyers who had been fraudulently qualified for loans.

Santens owned, operated, and controlled Silver Key Financial (“SKF”), LDS Lakehill Developers Group, L.P. (“LDS”), and North Texas Developers Group (“NTDG”) from her residence in Plano, Texas, and at her office in Frisco, Texas, both in the Eastern District of Texas. In furtherance of the conspiracy, Santens caused HUD-1 forms to be submitted to lending institutions that falsely stated that the buyers had provided the down payment for the purchase of the property when Santens was the source of the down payment. Santens knew at the time of submission to the lending institutions that the source of the down payment was material to the lender in determining whether to fund the requested mortgage loan. Santens also knew that co-conspirators would provide documents containing false information to the lending institutions; that lending institutions would rely on the false material representations made in the loan documents in determining whether to fund the mortgage loans; that the lending institutions would provide the loan funds through the use of interstate wire transfers; and Santens intended for these actions to occur.

Santens, as a recipient of the criminally-derived loan funds from the title companies’ subsequent disbursements, distributed the proceeds through wire transfers in amounts greater than $10,000 to co-conspirators as kickbacks for their roles in the conspiracy.

Irons’ role in the offense was to identify properties that could be fraudulently flipped by Santens, through one of her companies, at a fraudulently inflated price to a straw buyer. Irons coordinated these fraudulent deals with the title company employees, the appraisers, Santens, and other co-conspirators. Irons knowingly caused false gift letters and false verifications of employment forms to be submitted to lenders to induce the lenders to fund the mortgage loans.

Limbrick was a loan officer for Outlook Mortgage who assisted individuals with completing Loan Applications in order to qualify the individuals for mortgage loans from lending institutions.

Patterson and Preston’s role in the offense was to recruit buyers to purchase properties in a fraudulent flipping scheme where Santens, through one of her companies, would sell properties at a fraudulently inflated price.

Allen was a loan processor for Mortgage Icons who assisted individuals with completing Loan Applications in order to qualify the individuals for mortgage loans from lending institutions.

This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

This case was investigated by Federal Bureau of Investigation and IRS Criminal Investigation. The case was prosecuted by Assistant U.S. Attorneys Andy Williams and Chris Eason.

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

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 • March 17 2015 03:52PM

Comments

This blog does not allow anonymous comments