Massachusetts Mortgage Officer Sentenced To 2 Years

admin —  January 14, 2009 — Leave a comment

Nicole Lyder, 34, Dorchester, Massachusetts, pled guilty in Suffolk Superior Court to multiple charges in connection with her fraudulent activity in securing subprime mortgages for several unqualified home buyers.

Lyder pled guilty to charges of Forgery (6 counts), Larceny of Bank Credit by False Pretenses (5 counts), Uttering a False Document (6 counts), and Making or Publishing False or Exaggerated Statements (4 counts). Following the change of plea, Suffolk Superior Court Judge Christine McEvoy sentenced Lyder to serve two years in the House of Correction, committed, on the charges of Forgery and Larceny of Bank Credit by False Pretenses, sentences to run concurrent. On the charge of Uttering a False Document, Judge McEvoy sentenced Lyder to two years in the House of Correction, sentence suspended for three years to begin from and after the sentences for Forgery and Larceny of Bank Credit by False Pretenses. On the charge of Making or Publishing False or Exaggerated Statements, Judge McEvoy sentenced Lyder to probation to run concurrent with the sentence of Uttering a False Document.

Beginning in November 2005, Lyder engaged in fraudulent activity in order to secure subprime mortgage loans for several home buyers in Dorchester, Randolph, and Taunton, Massachusetts. Lyder engaged in this activity without the knowledge of the home buyers and with the knowledge that the buyers would not otherwise qualify for mortgages. Beginning in April 2006, Lyder was employed by Lehi Mortgage, Inc. (“Lehi”).

The Attorney General’s Office began an extensive investigation into Lyder’s activities after receiving a complaint about Lyder in September 2006. The investigation focused on mortgage loans that Lyder assisted homebuyers in securing from Fremont Investment & Loan, Inc. (“Fremont”)—two for properties in Dorchester, one in Randolph, and one in Taunton, Massachusetts. Specifically, investigators found that Lyder had forged business certificates which contained false information relating to the financial status of the home buyers. Lyder then submitted those forged business certificates to Fremont on behalf of the home buyers. In addition, in each of these four home purchases Lyder also exaggerated the home buyers’ financial standing on various other documents submitted to Fremont in support of the loan applications. As a result of this fraudulent activity, Lyder collected thousands of dollars in commissions.

In addition to her misconduct with respect to these subprime mortgages, Lyder also engaged in fraudulent activity in order to secure an automobile loan for a $63,000 Landrover that she purchased. In July 2007, Lyder submitted fraudulent bank statements to Sovereign Bank in order to secure financing for the vehicle by altering a bank statement belonging to one of her former mortgage clients, making it appear as if it were her own bank statement.

Lyder was indicted by a Suffolk County Grand Jury on March 27, 2008. At that time, the indictments were sealed and a warrant was issued for Lyder’s arrest. Lyder was arrested by Norwood Police on the evening of April 1, 2008, on unrelated charges. On April 2, 2008, following her arraignment in Dedham District Court on those charges, she was transported to Suffolk Superior Court for arraignment on the indictments at which time she entered a plea of not guilty and was held on $500,000 bail. Lyder thereafter entered a change of plea in Suffolk Superior Court.

Assistant Attorney General David Waterfall of Attorney General Martha Coakley’s Corruption and Fraud Division prosecuted this case. Financial Investigator Jesse Julian conducted the investigation, with assistance from the State Police assigned to the Attorney General’s Office.

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