Russell Lee Parker, Jr, 51, and Dale A. Beardsley, 59, a Jacksonville, Florida attorney, were indicted and arrested on charges of mail fraud, wire fraud, bank fraud, money laundering and conspiracy for their roles in a mortgage fraud scheme.
The indictment alleges that Parker or his associates solicited individuals to invest in residential real estate. These investors were told they would not have to pay any costs or fees and once they purchased four properties, they would be paid $15,000. A Jacksonville, Florida mortgage company was used to process fraudulent loan applications that contained misrepresentations as to income and assets. Officials said the scheme began in 2001. At the height of the scheme, Beardsley and Parker bought as many as five properties a week, profiting as much as $10,000 per loan.