When times are tough, some people resort to criminal activities to keep food on the table. When times are booming, others seize the opportunities to grow financially, and the desire for being rich sometimes takes over. One South Carolina person who started off by taking advantage of the booming property market in the mid-2000s ended up committing mortgage fraud in pursuing riches.
In 2013, the man reportedly pleaded guilty to conspiracy and filing false IRS returns. A federal court recently sentenced him to be incarcerated for three years. Court documents indicated that the Summerville man defrauded lenders of approximately $24 million in his mortgage fraud scheme. His fraud came to light when the real estate market collapsed in 2007.
The 36-year-old man was said to have secured property mortgages for 90 properties on the coast of South Carolina and Georgia. However, the values of the properties were inflated in the mortgage applications. According to prosecutors, some of the extra money obtained in this manner was used to continue the fraud by reinvesting, and the rest was divided between him and his accomplices.
Any South Carolina resident who is accused of mortgage fraud may soon realize that such a case can be extremely complex. The most sensible step to take may be to retain the services of an experienced criminal defense attorney. A lawyer who understands that such charges demand careful and technical navigation when evidence is evaluated may be the best person for an accused to have on his or her side. An attorney who is skilled in structuring the most beneficial deals for plea bargains and sentencing recommendations may be able to achieve the best possible outcome in the particular circumstances.
Source: greenfieldreporter.com, “A federal judge has sentenced a Summerville man to three years in prison after he pleaded guilty to charges in a mortgage fraud that cost lenders almost $24 million”, May 10, 2016
