Broker Charged With Down Payment Scam, License Revoked

Allison Tussey —  February 9, 2011 — 1 Comment

Pharis Daniel Bennett, Reidsville, Georgia, was charged with Conspiracy, Bank, Wire and Mail Fraud, as well as Money Laundering, for his role in a mortgage fraud scheme involving the property located at 713 Bostwick Drive, Vidalia, Georgia, 30474.  Also charged was Candace Michelle Brown, a loan clerk at Tattnall Bank, Reidsville, Georgia.

According to the indictment, in 2005, the Defendants participated in a scheme whereby Brownwould cut the down payment cashier’s check required for closing the loan on the property, without the funds for such check having been deposited in Tattnall Bank. Brown would issue the cashier’s check with “W.W.” listed as remitter, knowing that Bennettwas the remitter, in order make it appear as though W.W. was providing the down payment.

On November 22, 2010, Bennett pled guilty to count 1 of the indictment, Conspiracy.

In an unrelated action, the Georgia Department of Banking and Finance issued a final order on February 4, 2011, in which the mortgage broker’s license (#16719) of Pharis Daniel Bennett was revoked.

Bennett‘s mortgage broker’s license was revoked after it was determined by the Department that he was no longer qualified to work in the residential mortgage industry.

Also as a result of this disqualification, the mortgage loan originator’s license application that was pending before the Department was denied on February 4, 2011.

On the same day, an Order to Cease and Desist that had been issued to Bennett also became final.

 

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Allison Tussey

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One response to Broker Charged With Down Payment Scam, License Revoked

  1. Philippines Real Estate February 10, 2011 at 8:03 am

    This is a lesson for brokers who engage in unscrupulous activities such as mail fraud. It’s easy to make money but it’s much harder to make a good name for yourself.

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