17 Indicted In Mortgage Fraud Sting

Posted by Orb Staff on October 30, 2008 No Comments
Categories : Residential Mortgage

The office of John F. Wood, U.S. Attorney for the Western District of Missouri, says that a real estate agent and two former loan officers in Lee's Summit, Mo., are among 17 defendants indicted by a federal grand jury for their roles in a $12.6 million mortgage fraud scheme that involved 25 residential properties in Lee's Summit and Raymore, Mo.

Angela R. Clark, Cynthia D. Jordan and Stefan M. Guerra, all of Lee's Summit, Mo., were involved in a conspiracy to defraud mortgage lenders from June 2005 to May 2007. According to the indictment, the defendants purchased the homes at inflated prices, obtaining mortgage loans by providing false information to mortgage lenders and then keeping the extra proceeds.

‘This is one of the largest mortgage fraud cases ever prosecuted in our district and illustrates that this is a problem that affects not only low-income neighborhoods, but also more affluent suburbs,’ Wood says. ‘Mortgage fraud poses a significant economic threat and directly impacts the well-being of our neighborhoods.’

Wood notes that the charges contained in the indictment are currently accusations and not evidence of guilt.

Source: Office Of John F. Wood

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