General Contractor Convicted on Mortgage Fraud Charges

Allison Tussey —  December 21, 2010 — 1 Comment

David Wesley Vickers, 48, Jacksonville, Florida, has been found guilty of nineteen counts arising out of a mortgage fraud scheme, including conspiracy to commit mail, wire, and bank fraud. Vickers faces a maximum penalty of 30 years in federal prison for the conspiracy count and 20 years for each of the other counts. A sentencing date has not yet been set.

As previously reported on Mortgage Fraud Blog, Vickers, who was a licensed general contractor until August 2006, was indicted on December 16, 2009.

According to the testimony and evidence presented at trial, from December 2006, through September 2009, Vickers and a partner bought residential property on the north side of Jacksonville, Forida to resell at a profit. Vickers coordinated the building of a new home or the renovation of an old one on the property. He then recruited buyers with signs and newspaper ads advertising that the buyer could get a mortgage loan with a credit score of 550 or above. Vickers told the buyers that they did not need to bring any money to closing and that he would provide “down payment assistance” as an inducement to buy the house. Because sellers are prohibited from giving undisclosed monetary assistance to buyers, Vickers created documents for submission to the lender that falsely stated that the funds came either from the buyer or as a gift from a relative. At the closing on the house, Vickers provided a cashier’s check in the name of the buyer or relative to make it appear that they had paid the funds. The lender never knew that the down payment came from the seller. The conspiracy involved 23 properties with mortgage loans totaling about $3,350,000. The proceeds of the conspiracy totaled about $1,233,000.

U.S. Attorney Robert E. O’Neill made the announcement.

This case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Arnold B. Corsmeier.

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Allison Tussey

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One response to General Contractor Convicted on Mortgage Fraud Charges

  1. This is the same type of bogus mortage fraud convictions that federal prosecutors have been able to get! It shouldn’t take a rocket scientist for the federal justice department to see that these type of loans were designed by the greedy Wall Street backed lenders. The exact same types of loans are all over the country! It is impossible to “trick or fool” lenders into approving these types of loans. The Wall Steet lenders should have been indicted as co-cospirators and charged. When will this maddness stop? It doesn’t matter what type of defense a defendant has, the government just keep on “piling” on with witnesses and documents. The jurors don’t have a chance to be objective. All they see is this massive amount of confusing/conplex information. They soon become brainwashed that “all of this, there must have been some crime committed. My take is this, IF IT THE BANKS OR LENDERS MONEY TO LEND, AND THEY ARE DIRECTING YOU HOW AND WHAT TO DO TO MAKE THE LOAN——WHERE IS THE PROBLEM? If the loans go bad, then the banks should take on the responsiblity for correction. Oh, I see…..the banks sold the loans as fake AAA bonds on Wall Street. If our government really discover that they are really the mastermind behind this fradulant scheme, our national and world-wide banking institutions would fail. But why are our federal judges sending otherwise good decent Americans to prison for such a long time? It doesn’t add up. Why can’t we just move on? Fix the loop-holds and prohibit the convicted ones from ever dealing with banking or lending forever.

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