Scott Ashley, 48, Birmingham, Michigan has been indicted and charged with wire fraud in connection with allegations that he defrauded Wells Fargo in obtaining a mortgage loan. In February 2000, he applied for a $3M mortgage on a $5.5 Million dollar house in Bloomfield, Michigan. He submitted proof that he was making a $1.3 million down payment to the builder of a home he was purchasing. He also submitted a letter on "Laferty Company" stationery, signed by the company vice-president, reflecting he was the CEO earning along with W-2 and tax statements showing income in excess of $1M per year.
Ashley’s actual income consists of a $485-per-month Social Security disability check. According to federal agents, the social security number he used in qualifying for the loan belonged to a man who died in 1917. Apparently, Ashley had a little trouble making the first and all subsequent payments.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.