Indiana Police Officer Charged With Bank Fraud

Allison Tussey —  March 17, 2009 — 2 Comments

Robert C. Culp, 43, New Carlisle, Indiana, a police officer, was charged in May 2008, with one count of bank fraud.  Culp simultaneously pled guilty to the charge.  He was sentenced on March 13, 2009, to a term of 54 months imprisonment to be followed by a 3 year supervised release term, with conditions; Culp is to pay a $100 special assessment due immediately and was ordered to pay restitution in the sum of $1,194,000, together with interest, due immediately. Culp must begin serving the sentence not later than 9am on April 24, 2009, he remains on release.

The Criminal Information charged Culp with devising and executing a scheme to defraud mortgage lenders and to obtain moneys, funds, credits, and other property owned by or under the custody or control of mortgage lenders by fraudulent pretenses and representations. The Information charges that Culp purchased inexpensive homes, frequently in need of substantial repair and renovation, and then arranged to sell these properties at inflated amounts to persons who obtained mortgage loans based upon falsified mortgage loan applications. Culp faces maximum penalties of up to 30 years imprisonment and a $1,000,000 fine if convicted.

These charges were filed as the result of an investigation by the Federal Bureau of Investigation. This case was prosecuted by Assistant United States Attorney Donald J. Schmid.

The specific sentence in each case to be imposed upon conviction is determined by the judge after a consideration of federal sentencing statutes and the United States Sentencing Guidelines.

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Allison Tussey

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2 responses to Indiana Police Officer Charged With Bank Fraud

  1. The banks don’t care they actually created the programs and their underwriters were paid incentives on every loan they approved and restructured to fit their guidelines regardless if facts were untrue. I can tell you personally Wells Fargo was right up at the top with Countrywide, Washington Mutual, Fremont Savings, Wilmington Finacial, New Century, Option One, the list is to long to even list. They all knew what was going on, the old saying was if they could fog a mirror or had a pulse they were approved for a 100% loan up to $650,000 with no money down, no income and a credit score of 580, lower with an exception. Many time realtors even had structured the contract so the seller paid all the closing costs so the buyer didn’t even bring one penny to closing to get their mortgage. ALL while the fat cats at these institutions and those on Wall Street raked it in. What do they all care they all made their money and believe me it is ALL tucked away safely offshore in bank accounts and real estate that is what they all bragged about!

  2. Michael Andrew Thompson March 24, 2009 at 1:51 pm

    I have been contacting banks (Wells Fargo in particular.) about this kind of fraud for over three years now and have not even had a courtesy return phone call from them. But then why should banks care about saving a few million dollars when they can get TRILLIONS from the tax payers!

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