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Mortgage Broker Earned $60k from $2 Million in Fraudulent Loans

Samuel Caleb Cowles sentenced to 15 months for $2,160,650 in alleged fraud

July 21, 2011

By KIMBERLY DICK The Herald - McClatchy-Tribune Information Services


A North Carolina mortgage broker was sentenced to more than a year in federal prison for participating in a $2 million mortgage fraud.

Samuel Caleb Cowles, 27, of Kannapolis was sentenced to fifteen months in prison Monday for participating in a conspiracy to commit money laundering, according to a release from United States Attorney Bill Nettles.

Evidence presented at the change of plea hearing established that Cowles was a mortgage broker who owned and ran Prosperity Mortgage, the release states. He and a co-conspirator took pre-qualification documents from investors and used them to obtain loans for real estate purchases.

Cowles falsified multiple loan applications by submitting to lenders that investment properties were going to be primary residences, which reduced the down payments. Cowles affected loan decisions by inflating incomes, omitting liabilities on loan applications and making payments outside closing.

He received mortgage fees as a return on his activities. He was paid by lenders when loans were executed.

Cowles falsified approximately twenty loan applications, resulting in fraudulent loans totaling $2,160,650. During the sentencing hearing, Cowles stated he made approximately $60,000 in fees.

The case was investigated by agents of the United States Secret Service and the Internal Revenue Service.

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To see more of The Herald or to subscribe to the newspaper, go to
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Copyright (c) 2011, The Herald, Rock Hill, S.C.

Distributed by McClatchy-Tribune Information Services.

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This story was distributed by TNS - Tribune News Service
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