Mortgage broker pleads guilty in $2.5 million fraud

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According to Court Records on July 2, 2007 mortgage broker Ronald Clark Joseph of Prior Lake, MN entered a guilty plea to a 7 count indictment alleging Wire and Mail fraud along with Money Laundering.
The indictment, filed on March 13, 2007, alleges that Joseph falsified the sales price of properties and then concealed payments to be made to him from the subsequent loan proceeds. At closing the closing agent provided falsified documents which concealed payments to the buyer and Joseph.
In two cases Joseph himself is alleged to have acted as the purchaser and netted $200,000 from the concealed payments. In all some 40 different properties were involved and Joseph received $2.5 million from them.
A sentencing date is yet to be filed in the court records.

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