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In the following To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. Catherine L. Hanaway United States Attorney for the Eastern District of Missouri announced that Milton H. Ohlsen, III was indicted on bank fraud charges after overstating his income on his home mortgage application.
In 2000, Milton Ohlsen originally financed his North Ballas Road residence with two loans totaling $302,000. In 2002, Olsen refinanced with Merrill Lynch Corporation for $307,000, and in 2006 obtained another loan from Merrill Lynch for $150,000, for the same home. In 2007, Olsen again refinanced the home with two loans, one for $470,000 from Countrywide, and $175,000 from Guaranty Bank, which paid off the previous Merrill Lynch loans. The indictment alleges that on both of the June 2007 loans Ohlsen falsified the loan applications to Countrywide and Guaranty Bank, stating that his monthly income was $15,000, when in fact it was substantially less. In August 2007, Countrywide assumed the total line of credit from Guaranty Bank. Shortly after, Ohlsen became delinquent in his monthly payments on the original Countrywide and Guaranty loans. In June 2008, Ohlsen filed bankruptcy, and by December 2008, was delinquent in monthly payments on the mortgage and home equity line of credit of approximately $11,735 and late fees totaling approximately $2,193.
“This type of fraud has contributed to the national mortgage crisis,” said Hanaway.
Ohlsen, 37, St. Louis, 63103, was indicted by a federal grand jury on one felony count of bank fraud. He was indicted Thursday, February 5, and appeared in federal court earlier today. If convicted, he faces a maximum penalty of 30 years prison and/or fines up to $1,000,000.
Last November, U.S. Attorney Hanaway convened the first meeting of the U.S. Attorney’s Mortgage Fraud Task Force. The task force consists of over 70 residents of the Eastern District of Missouri involved in banking, mortgage brokerage, real estate sales, title insurance, real estate appraising as well as federal, state, and local law enforcement, regulatory officials and non-government organizations. Anyone wishing to report suspected mortgage fraud or participate in the work of the task force is encouraged to call the Mortgage Fraud hotline at 1-866-587-9571.
Hanaway commended the work on the case by the Federal Bureau of Investigation and First Assistant United States Attorney Michael W. Reap, who is handling the case for the U.S. Attorney’s Office.
The charges set forth in an indictment are merely accusations, and each defendant is presumed innocent until and unless proven guilty.


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