R. E. Agent- Ring Leader- Pleads Guilty- $12.6 Million Scheme Involved New, Upscale Homes

By
Mortgage and Lending with First Colorado Lending

This is one of the largest mortgage fraud cases ever prosecuted in our district, and illustrates that this is a problem that affects not only low-income neighborhoods, but also more affluent suburbs," U.S. Attorney for the Western District of Missouri John F. Wood said. "Mortgage fraud poses a significant economic threat and directly impacts the well-being of our neighborhoods.

A former real estate agent pleaded guilty in federal court to her role in a $12.6 million mortgage fraud conspiracy that involved 25 upscale residential properties in Missouri.

Angela R. Clark was a real estate agent and co-owner of Centsable Business Services who sold new homes for a builder. She is among 16 defendants who have now pleaded guilty to the scheme to buy and sell new homes.  

R.E. Agent - Ring Leader instructed buyers to create fictitious businesses, opening bank accounts & received kickbacks of up to $125,000, and obtained false Social Security numbers for buyers.

Read the whole story @ http://tinyurl.com/25zzv2c

This case is being prosecuted by Assistant U.S. Attorneys Linda Parker Marshall and Kathleen D. Mahoney. It was investigated by the Federal Bureau of Investigation and IRS-Criminal Investigation.

The Real Estate & Mortgage industry needs to step up its own brand of self-enforcement. The answer is strengthening a pre-funding controls with a multi level system using the host of online tools, in-depth training on "how to read the signs" for the honest and ethical loan officers - as well as processors, underwriters, the closing departments and a host of collateral employees who likewise have their fingers on the process - on how to better detect fraudulent loan applications and real estate transactions.

While some days it may seem too big to curtail on our own, try to stop it we must. In this case, prevention begins not with millions, not with thousands, not with hundreds, but with one: one loan officer, one loan office, one mortgage company, one credit reporting agency - one person - at a time.

It is important to note that lending institutions, companies don't commit fraud - people commit fraud.

We all need the fraudsters to FEAR retribution from the ethical honest "Real Estate Industry Professionals and Homeowners".

We can prevent mortgage and real estate fraud one transaction at a time!


Michael S. Richardson

Director/Chief Quality Officer
Author of "An American Epidemic, Mortgage Fraud a Serious Business"

www.preventmortgagefraud.com

Follow me on Twitter @ FocusonFraud

 

 

Comments (0)