Man Sentenced to Federal Prison for Role in Mortgage Fraud Scheme

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Education & Training with (retired) TN LIC# 290452

 

This FBI report is about a man who owned residential construction companies that conspired with a mortgage broker and an accountant to falsify documents for the purchase of a home.

 

 

Madison Man Sentenced to Federal Prison for

Role in Mortgage Fraud Scheme

U.S. Attorney’s Office June 16, 2014
  • Western District of Wisconsin (608) 264–5158

MADISON, WI—John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced that David E. Robert, 42, Madison, Wisconsin, was sentenced on June 12 by U.S. District Judge Barbara B. Crabb to six months in federal prison, a $1,000 fine, and two years of supervised release for his role in a mortgage fraud scheme. He was also ordered to pay $336,100 in restitution. Robert pleaded guilty to the charge on April 3, 2014.

Robert was the owner of Western Designs and Sterling Concepts, residential construction companies that operated in Dane County. Between March 16 and April 21, 2006, Robert conspired with Becky L. Ring, formerly known as Becky L. Stoltenberg, and P. Edwin Gray to make false statements to Washington Mutual Bank to secure a first and second mortgage for the purchase of a home in Westport, Wisconsin.

Ring was the former owner of JC Mortgage in Madison and P. Edwin Gray, of Oregon, Wisconsin, was Robert’s accountant. Gray falsified Robert’s income on a W-2, which allowed him to qualify for the mortgage loans that he otherwise would not have obtained. Stoltenberg acted as the mortgage broker on the loans and transmitted the documents to the bank.

Gray pleaded guilty to mortgage fraud on August 12, 2012, and was sentenced to three years of probation on October 11, 2012, which was later reduced to one year of probation. Ring pleaded guilty to mortgage fraud on November 15, 2012, and was sentenced to one year of probation. Gray had paid $700 towards restitution. Ring paid the remaining restitution owed of $335,400 prior to her sentencing. Robert will pay nothing towards restitution as the law requires that he be given credit for the payment of restitution by the co-defendants.

This case 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.

The charge in this case was the result of an investigation conducted by the Madison office of the Federal Bureau of Investigation. The prosecution of this case has been handled by Assistant U.S. Attorney Peter M. Jarosz.

http://www.fbi.gov/milwaukee/press-releases/2014/madison-man-sentenced-to-federal-prison-for-role-in-mortgage-fraud-scheme?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=329318

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David Saks



Time&Temp Memphis

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Rainmaker
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Kwee Huset
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The love of money is the root of all evil. If guilty he deserved it.

Jun 16, 2014 07:58 AM #1
Rainmaker
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David Saks
(retired) - Memphis, TN

It's ok to to love money, Kwee. It's not ok to steal it.

Jun 17, 2014 02:46 AM #2
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