Anthony Fields, 38, Pittsburgh, Pennsylvania, pleaded guilty to one count of wire fraud in connection with a mortgage fraud conspiracy involving inflated property values.
As previously reported by Mortgage Fraud Blog, and according to his plea, Fields participated in a mortgage fraud conspiracy with, among others, his sister-in-law, Kelly Fields, who was an unlicensed mortgage broker. As part of the scheme, Kelly Fields recruited buyers to purchase properties for prices much higher than the true market value of the properties. Kelly Fields would then obtain financing for these buyers by submitting to the lenders fraudulent loan applications that misrepresented the financial condition of the buyers. In addition, Kelly Fields submitted fraudulent documents in support of the applications, including false pay stubs, W-2s, verifications of deposit and employment, and appraisals. Once the loans were funded by the lenders, in order to compensate the co-conspirators, the funds were distributed contrary to representations to the lenders.
Judge Ambrose scheduled sentencing for September 10, 2008. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.