A former loan originator at JPMorgan Chase & Co.’s banking subsidiary has been federally indicted over allegations of mortgage fraud.
Ross D. Pickard, who lives in Naples, Florida,
previously was employed as a senior loan officer at subsidiary JPMorgan Chase Bank, N.A.
His responsibilities required him to complete, certify and submit residential loan applications
on behalf of prospective borrowers to Chase.
But Pickard is accused of deceiving his New York-based employer.
According to a statement from U.S. Attorney A. Lee Bentley III, Pickard, 63,
conspired with others in a scheme to defraud Chase by completing, certifying and submitting loan applications with bogus information.
The fraudulent information included false occupancy, inflated income and assets, and understated liabilities
With the bad information in hand, Chase approved and funded loans for unqualified borrowers that otherwise would have been turned down.
Investigations into the matter were conducted by the Federal Housing Finance Agency – Office of Inspector General and the Internal Revenue Service.
Pickard faces up to five years in prison for one conspiracy count and 30 years for each of three loan and credit application fraud counts.
The government is also seeking a money judgment.
