Charles Joseph-DeShawn Wilson has been convicted of conspiring to commit mail fraud and wire fraud as part of a scheme to defraud residential mortgage lenders and engaging in a financial transaction in criminally derived property. Wilson was convicted after pleading guilty to conspiracy to commit wire and mail fraud as well as money laundering at a hearing before U.S. District Judge Keith P. Ellison.
As previously reported on Mortgage Fraud Blog, Wilson was indicted with five others in a 10-count indictment charging conspiracy to commit wire and mail fraud, wire fraud, money laundering conspiracy and engaging in financial transactions in criminally derived property. This mortgage fraud scheme involved the recruitment of individuals to purchase residential properties at or near 100 percent financing using their good credit. The borrowers were paid from the loan proceeds for their participation in the acquisition of the property. Loan officers at mortgage brokerage offices were utilized to furnish false and fraudulent information to the lenders. It was part of the scheme that loan proceeds would be disbursed to one or more of the conspirators through checks or wire transfers from the title company to a bank account established in an assumed name.
Wilson first participated in the scheme as a borrower. He purchased five residential properties in the Houston area, borrowing a total of $1,599,730. Each loan was obtained using false and fraudulent information, and Wilson also recruited other individuals to act as borrowers on residential loan applications to purchase properties in the Houston area. The information provided to the lenders regarding their creditworthiness was also misrepresented. All the residential loans obtained by Wilson during the scheme eventually fell into default.
Wilson faces a maximum of 20 years and a maximum fine of $250,000 for the conspiracy conviction and 10 years and a fine of $250,000 or twice the amount involved in the transaction for the money laundering c onviction. He also faces a maximum of three years of supervised release following completion of his prison term. He will continue on bond pending sentencing scheduled for Feb. 24, 2009, before Judge Keith P. Ellison.
I would like follow-up on this case. Just an interested citizen.