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March 25, 2014

Fort Worth Man Guilty In Extensive Mortgage Fraud Scheme, Federal Income Tax Violations

PLANO, Texas - A 64-year-old Fort Worth man has pleaded guilty to mortgage fraud and federal income tax violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.

Lawrence Michael Day pleaded guilty to conspiracy to commit mail and wire fraud affecting a financial institution today before U.S. Magistrate Judge Don Bush. Day also pleaded guilty today to an Information charging him with two counts of tax fraud.

According to information presented in court, from 2005 to 2008, Day conspired with others to defraud lending institutions by providing fraudulent documents and causing residential loans to be provided based on the fraudulent information. One such property was located on Carlton Court in McKinney, Texas. A total of 28 properties located in Cedar Hill, Cresson, Dallas, Euless, Fairview, Fort Worth, Frisco, Heath, Hurst, McKinney, Murphy, Plano, Prosper, and Watauga, Texas, were involved in the scheme. Based on this criminal activity, Day personally gained $1,877,032.56.

On Apr. 11, 2013, a federal grand jury indicted Day and five others for their participation in this mortgage fraud scheme. Co-defendants Donna Shirley Cobb, 53, of Aledo, Texas; Michael Jerome Edwards, 41, of Lewisville, Texas; Scott Cameron Sherman, 38, of Mansfield, Texas; and Donald Lee Mattox, 41, of McKinney, Texas, have all pleaded guilty in this scheme and are awaiting sentencing.

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.

In another scheme, on Oct. 8 2008, Day claimed a refund of $981,952 on his 2006 federal income tax return to which he knew he was not entitled. On Oct. 10, 2008, Day claimed a refund of $2,895,041 on his 2007 federal income tax return to which he knew he was not entitled. Day prepared and submitted fraudulent Forms 1099-OID worksheets in support of both fraudulent federal income tax returns.

Day faces up to 30 years in federal prison for the mortgage fraud violation and has agreed to submit to forfeiture of $1,877,032.56. He also faces up to three years in federal prison and a fine of up to $100,000 for each of the tax fraud violations. A sentencing date has not been set.

These cases are being investigated by the Federal Bureau of Investigation, the Federal Housing Finance Agency Office of Inspector General, and the Internal Revenue Service-Criminal Investigation. These cases are being prosecuted by Assistant U.S. Attorneys Christopher A. Eason and J. Andrew Williams.

Source: United States Attorney's Office for the Eastern District of Texas

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