South Carolina Criminal Lawyer Blog

Robert Sasser of Lexington, South Carolina was sentenced in federal court for wire fraud. He was sentenced to three years in prison and was ordered to pay about $1.6 million to Wells Fargo Bank. Sasser used to be a realtor and mortgage broker in West Columbia. His charges are based on acquiring loans that were collateralized by modular homes that were extremely overvalued. Wachoiva Mortgage Corporation financed these eight loans for about $2.5 million. Loan documents had several false statements that revealed the loans were fraudulent. Among the falsifications were misstated income and asset information, forged signatures and misleading down payments. Since these loans went into foreclosure, Wachovia, now Wells Fargo, suffered a loss of about $1.6 million.

Early last year, Michael A. Wilson, 58, of Murrells Inlet, South Carolina, pled guilty in U.S. District Court to bank fraud. In November 2009, multiple indictments were returned by a federal grand jury against thirteen defendants, including Wilson, on a variety of mortgage fraud charges arising out of the collapse of Desert Sun Development (“DSD”), a commercial and residential construction company headquartered in Bend, Oregon. It all started when Wilson moved from South Carolina to Bend, Oregon where he joined DSD as a construction superintendent. In 2007, while working for DSD, Wilson fraudulently obtained two loans in his wife’s name as her attorney-in-fact for the purchase and refinance of a DSD constructed home. To close the first loan to purchase the home for $530,000, DSD principals provided a cashier’s check for approximately $112,000 at closing, falsely claiming that it was Wilson’s money.

Shortly thereafter Wilson sought to refinance the loan. To qualify for the refinance, Wilson was required to show that he had at least $47,000 in his bank account. Because he did not have sufficient funds of his own, DSD principals temporarily deposited DSD money into his account to make it falsely appear that he did. A letter was drafted at DSD to falsely explain that the origin of the $47,000 deposit was Wilson’s semi-annual bonus from DSD. Wilson signed the letter as his wife. Additionally, Wilson signed a loan application on behalf of his wife, falsely asserting that she had worked for DSD for the past two years, earning $15,000 per month. Based on these fraudulent documents, the bank approved a loan for $500,000, but required that Wilson bring $42,000 of his own money to closing. Not having the money, Wilson again used DSD money for that purpose. Relying, in part, on the fraudulent documents, banks approved and funded the loans for Wilson’s home. Wilson was unable to make the monthly mortgage payments and defaulted. The bank foreclosed and took possession of the residence. The current loss associated with Wilson’s conduct is approximately $360,000.

Bank fraud carries a maximum sentence of up to 30 years in prison and a $1,000,000 fine. If you or someone you know has been charged with fraud, call one of the mortgage fraud attorneys at The Mace Firm. The mortgage fraud attorneys in Myrtle Beach are ready to speak with you about your case. Call to schedule your free consultation.