twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

P R E S S   R E L E A S E


April 27, 2012

Federal Grand Jury Indicts Three in $2 Million Mortgage Fraud Scheme

DALLAS—An indictment returned earlier this month by a federal grand jury charges Patience Lavon Jackson, 49, of Arlington, Texas; Anthony Davis, Jr., 31, of Mesquite, Texas; and Charlie M. Smith, Jr., 39, of Northridge, California, with various felony offenses related to a $2 million mortgage fraud scheme they ran in the Dallas area, announced U.S. Attorney Sarah Saldaña of the Northern District of Texas. The scheme involved defrauding and obtaining money from lending institutions by using straw buyers to purchase homes and submitting false documents to lenders. All were released on bond. Trial is set for June 2012 before U.S. District Judge Jane J. Boyle.

Specifically, the indictment charges Jackson with one count of conspiracy to commit mail fraud and wire fraud, two counts of wire fraud, and two counts of mail fraud. Davis is charged with one count of conspiracy to commit mail fraud and Smith is charged with one count of conspiracy to commit mail fraud and wire fraud and two counts of wire fraud.

According to the indictment, the defendants conspired to fraudulently obtain mortgage loans for residential real estate properties in the Dallas area. As part of the scheme, the defendants recruited individuals to purchase real estate by telling the individuals that they would be purchasing "investment" properties. The defendants prepared and submitted false loan applications that fraudulently inflated the individual purchasers' financial assets and represented to lenders that the purchasers intended to use the property as a primary residence, when the purchasers had no intention of residing in the property. In addition, the defendants fraudulently created surplus loan proceeds by creating false invoices for repairs/upgrades that were never done. The defendants allowed the properties to go into foreclosure, resulting in losses exceeding $2 million.

An indictment is an accusation by a federal grand jury and a defendant is entitled to the presumption of innocence unless proven guilty. If convicted, however, each of the conspiracy to commit mail and wire fraud counts carries a maximum statutory sentence of 20 years in prison and a $250,000 fine. Each of the wire fraud counts carries a maximum statutory sentence of 20 years in prison, a $250,000 fine and restitution. In addition, the indictment includes a forfeiture allegation which would require Jackson and Smith, upon conviction, to forfeit any property derived from proceeds traceable to the offense.

Mortgage fraud is a major focus 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. For more information about the task force visit:

This case is being investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney J. Nicholas Bunch is in charge of the prosecution.

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

mortgage fraud case stories

mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines

Local Mortgage Fraud news
News about local mortgage fraud.

Logout forgot

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.

Mortgage Fraud Index
Dollar and index amount by quarter and state.

Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013

Mortgage Fraud News
News stories about fraud committed against home lenders.

Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.

local mortgage fraud

mortgage fraud links

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders