Mortgage Fraud Defendant Sent to Federal Prison

admin —  December 1, 2010 — 4 Comments

Maurice Ragland, 36, formerly of Lee’s Summit, Missouri, has been sentenced to 14 years in federal prison on mortgage fraud charges. Ragland pleaded guilty to one count of wire fraud and one count of money laundering. In his plea, he admitted that in 2003 and 2004 he conspired with co-defendant Wildor Washington, Jr., and others to obtain mortgage loans by submitting inflated property appraisals and other false information to lenders.

As previously reported on Mortgage Fraud Blog, the conspirators targeted borrowers with low incomes and little knowledge of the real estate industry. They urged borrowers to apply for real estate loans that were processed through various entities the conspirators controlled including Heritage Financial Investments, Legacy Enterprises, Atlantic Mortgage, Inc., T.E.R.M. Appraisers, the Real Estate Group, J.T.F. Enterprises, Liberty Escrow and AMSTAR Mortgage.

Many of the real estate appraisals submitted by Ragland and the conspirators contained inflated property values and forged signatures of licensed appraisers whose identities had been stolen. In addition, Ragland and other conspirators acted as home buyers and submitted loan applications containing false income and asset information as well as false information about the appraiser of the property and the intended use of the property.

On the basis of the false information, lenders issued loans. For instance, on November 6, 2003, $145,011 was electronically transferred from the Bank of New York City to UMB Bank in Olathe, Kansas on the basis of fraudulent information submitted by Ragland and co-defendants Wildor Washington, Jr., and Scott Alexander.

Co-defendants include:
Wildor Washington, Jr., who was sentenced to 200 months.
Terrell Ford, who was sentenced to 135 months.
Ryan Miller, who was sentenced to 135 months.
Ron Brown, who was sentenced to 121 months.
Les Saunders, who was sentenced to 108 months.
Greg Stevenson, who was sentenced to 97 months.
Terrence Cole, who was sentenced to 37 months.
Kara E. Robinson-Franks, who was sentenced to 36 months.
Victoria Bennett, who was sentenced to 24 months.
Scott Alexander, who was sentenced to a year and a day.
Emma Holmes, who was sentenced to a year and a day.
Amanda Childs, who was sentenced to a year and a day.
Eryc Reese, who is awaiting sentencing.
Lydell Flowers, who is awaiting sentencing.

U.S. Attorney Barry Grissom commended the Internal Revenue Service – Criminal Investigations Division, the Johnson County Sheriff’s Department, the Overland Park Police Department, the U.S. Secret Service’s Financial Crimes Task Force, Assistant U.S. Attorney Marietta Parker and U.S. Attorney Chris Oakley for their work on the case.

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4 responses to Mortgage Fraud Defendant Sent to Federal Prison

  1. Lenna pal and Kitchen Cabinets: I never meant to imply that bogus docs for loan approval should be taken lightly, certainly not by the Justice Department, but I was trying to explain that the Wall Street lenders knew the type of paper that they were producing and selling as AAA rated securities. This is fraud at its inception! You are both correct in that someone should be held accountable. However, the “little” people shouldn’t have to shoulder all of the blame while the “fat cats” got off free. I’m still trying to figure out how the “little” people have to bear all of the blame. You see, IT WAS NEVER THEIR MONEY TO LEND! All final lending decisions had to be approved by the Wall Street lenders! If the product was bogus at inception, IT DOESN’T MATTER WHAT ELSE TAKE PLACE—it’s criminal fraudalant forever.

  2. Bogus docs submission in the lenders for final approval is not a offense which is taking lightly by law i think its not harsh enough to blame

  3. whooper, this is all part of the overcriminalization of america, pretty soon, the entire country will be in prison, then the prosecutors will start feeding on themselves.

  4. This is insane! These people have nothing that would justify 200 months in prison. I know that they sent “bogus” docs in the lenders for final approval. I know that they “used” unqualified low income borrowers, loan closers agencies who “looked” the other way on signatures, and other gimmicks to insure the funding of the loans, BUT the Wall Street backed lenders KNEW THAT THIS WAS GOING ON! The lenders are co-consprirators! They had every opportunity to check and recheck that the info given to them was legal and correct. THEY WERE NOT FOOLED! They devised this “sham”, knowing that if it didn’t work, that they could easily blame it on these “simple minded” loan originators, buyers, closing agents, and ect…. Our federal justice department and our federal courts system are being hood winked to cover for them. These criminal Wall Street backed lenders are creating the greatest fraud ever on the American people. I’m calling on all of our national leaders to stop this terrible injustice.

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