Couple Indicted in Real Estate Fraud
– Pushpa Sathish, Staff Writer
Frauds do pay, but only until the law catches up with you; then you’ll have to pay the price for all the misdemeanors you committed. Husband and wife, Anna and Mark Bonds of St. Louis County, have been indicted on multiple charges of mortgage fraud and conspiracy to commit mail fraud.
Anna has been accused of using her position as a mortgage broker for the firms of A Mortgage Solutions and C.D. Adams, to falsify documents and information about her clients in order to secure mortgages for them — the catch here being the fat commissions she pocketed from the deals. She also allegedly bought and sold personal property with loans brokered using false financial and employment data.
If convicted, each mortgage fraud charge carries a maximum penalty of 30 years in prison and/or fines up to $1 million; the conspiracy charge carries a maximum of five years and/or fines up to $250,000.
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February 8th, 2007 at 9:37 am
Where will it end?
February 15th, 2007 at 2:00 pm
Thank you very much for the Mortgage Fraud article.
The mortgage fraud epidemic that plagues the US has far reaching economic ramifications which are only now starting to materialize. This effect is felt more deeply in higher valued markets, such as the OC. I spent 15 years as a QC manager for a large, So Cal based, national lender out there before moving back home to So Fla, the other mortgage fraud capital of the US.
As mortgage industry insiders, we saw this stage being set years ago, with lenders and Wall Street investors alike seeing the writing on the wall but relishing in the proceeds of these loans. “Don’t ask, don’t tell” should no longer be unwritten policy at these companies, presumably responsible for not only great economic contributions, but who are responsible for financing peoples lives and dreams, or irresponsibly destroying them for a profit.
Cindi Dixon, Director
Mela Capital Group, LLC
Mortgage Fraud Investigations and Training
866-382-7566
PO Box 670035
Coral Springs, FL 33067-0035
Cindi@MortgageFraudQC.com
http://MortgageFraudQC.com
Please visit our DISCUSSION BOARD for the latest mortgage fraud news and to anonymously report mortgage fraud. http://MortgageFraudQC.com/blog/blog.html
April 4th, 2007 at 12:25 am
Now dont most mortgage lenders jump through hoops and fudge the numbers to secure home loans for their clients?
April 18th, 2007 at 8:09 am
Thanks a lot for this article. It is true but none or nobody has guts or interest to expose this kind of fraud. This post will make a lot of people aware about this anomaly.