St Louis man pleads guilty in mortgage fraud case.

[admin]

To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. from St. Louis, Missouri, United States Attorney Catherine L. Hanaway announced on September 4, 2007 that Dack Daugherty pled guilty to conspiracy and money laundering today in connection with a mortgage fraud ring that operated primarily in South St. Louis, United States Attorney Catherine L. Hanaway announced today.
“To understand the harm mortgage fraud visits on our communities and financial markets, all anyone has to do is pick up the newspaper,” said Hanaway. “Our office is committed to continuing the investigation and prosecution of mortgage fraud.”
According to the plea agreement presented to U.S. District Judge E. Richard Webber, Daugherty and a number of others, including real estate appraisers and loan officers, arranged for the fraudulent purchase of 52 properties. It was part of the scheme that Daugherty would convince a corrupt appraiser to inflate the values of properties he would arrange to buy. Daugherty also convinced corrupt loan officers to make up favorable information about the income and assets of the buyers Daugherty would line up. In all, Daugherty admitted to defrauding lenders of more than $500,000 and agreed to pay that money back. Daugherty also admitted laundering the proceeds of the scheme through a local credit union.
DACK DAUGHERTY, St. Louis, faces a maximum punishment of 15 years imprisonment and a $500,000 fine, although the federal sentencing guidelines will likely call for a lower sentence. Hanaway commended the work of the Federal Bureau of Investigation and Internal Revenue Service–Criminal Investigation Division, who investigated the case.


To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.