Kim McGinnis, Butler Township, Ohio plead guilty to conspiracy to launder money and willful failure to file a tax return in connection with charges that she and several other people used a mortgage business to launder money for drug dealers between August 15, 1997 and March 10, 2004.
The money laundering charge carries a maximum sentence of 20 years in prison and a $500,000 fine and the failure to file charge carries a maximum sentence of 1 year in prison and a $100,000 fine.
McGinnis worked for Glen Hurst and Debra Hurst at American Funding Group, a mortgage loan business. Earl Marshall, Tico Hill, Jeff Parker, Tracy Marshall, Clarence Parker, Cecile Marshall, Lynette Davis, Bryant Briggs, Janell Stephens, Theresa Jones and others were clients of American Funding. According to media reports, DEA and the IRS agents raided the mortgage company in 2004, along with McGinnesâ€™ home.
According to the plea agreement Earl Marshall would obtain mortgage loans through American Funding, either for himself or others and would provide false information to American Funding. McGinnis and other employees, including Glen Hurst and Debra Hurst, would create fraudulent documents in support of the loan requests. McGinnis was aware that the created documents were based, at least in part, on the false information provided by Marshall. The loans would then be submitted to an approved by lenders.
Financial resources needed for the loans would be supplied by Marshall, even if he was not otherwise connected on paper to the transaction according to the plea agreement. McGinnis was aware that the financial transactions were done, in part, to conceal Marshallâ€™s financial involvement in the real estate transactions and that the money was coming from an illegal source. One of the objectives of creating the fraudulent loan packages was to obtain funds for people who were not qualified to receive those funds and thereby obtain commissions for American Funding employees. One of the loans was obtained for the purchase of a residence at 1410 Passport Lane, Dayton, Ohio.
Earl Marshall, Tico Hill, Jeff Parker, Todd Anthony Brown, Kenyatta Moreland, Henry Rayford, Charles Goff, Jr., Tracy Marshall, Clarence Parker, Cecile Marshall, Lynette Davis, Bryant Briggs, Janell Stephens, Theresa Jones, Glen Hurst, Debra Hurst and Kim McGinnis were indicted in 2004 in a six count indictment charging, among other things, conspiracy to distribute cocaine.