Mortgage Loan Fraud Scheme
A father and daughter in Jackson, Mississippi were indicted last week for a mortgage fraud scheme. The indictment included 12 counts of wire fraud and 4 counts of money laundering. There were also another 8 counts related to money laundering offenses. The father and daughter will face a significant amount of time under the United States Sentencing guidelines. The father, Mark Calhoun, was a mortgage broker for Professional Mortgage Consultants Corporation and also worked as the operator of New World Mortgage. New World Mortgage was working with Silver Cross Financial Group LLC. Mark Calhoun's daughter April was employed by Silver Cross Financial Group. The indictment charges Mark Calhoun with preparing loan documents that contained false information and with receiving a fee if the loans were successful.
What the Calhouns probably did not realize? They are going to be held liable for all the money that was obtained in these fraudulent loans. Although the Calhouns did not receive the $8.5 million that was loaned out based on fake documents, they will be held accountable for this amount. Under the Sentencing Guidelines, there will be an increase or upward departure based on the amount of money that was fraudulently obtained. This could increase their prison exposure by many years. The key witnesses against the Calhouns will be the very people they assisted in getting these loans. As I have mentioned many times before, the federal case is centered on the "flip witness." With the fall of the real estate market there are going to be many more mortgage fraud indictments in the coming months. The Federal Bureau of Investigation, the Internal Revenue Service, U.S. Postal Inspection Service, Federal Deposit Insurance Corporation (Inspector General), and the Housing and Urban Development Office will are just some of the federal agencies that will be investigating mortgage fraud cases.
Realtors, mortgage brokers, lenders, and borrowers will all be possible defendants in a mortgage fraud indictment. Depending on the alleged illegal conduct defendants will lose property(forfeiture), be exposed to extreme fines and prison time. It is important to have a defense attorney in a mortgage fraud case that is willing to prepare a timeline of events and go over each and every element of the case. Depending on the alleged victim and the monetary loss, a plea offer from the United States Attorney may include several years of prison. You and your attorney must be ready to go to trial. The real estate market in Miami, Ft. Lauderdale, Ft. Myers, Orlando, Charleston, and Myrtle Beach grew very rapidly in the past 5 years. Now with deals failing, there will be investigations into the basis of the loans and the information provided. We are able to defend individuals and companies in most jurisdictions around the country.
