Jennifer C. Grant, 47, formerly of Atlanta, Georgia, pleaded guilty to one count of conspiracy in federal court in connection with her alleged role in a mortgage fraud scheme. Grant was originally charged, by magistrate complaint on May 5, 2005, followed on July 5, 2005 by a federal indictment that charged both Jennifer Grant and Hurbert W. Grant, with seventeen counts, including conspiracy, wire fraud, mail fraud, loan and credit application fraud, interstate/foreign travel fraud and bankruptcy fraud. A superseding indictment filed August 19, 2005 added an additional sixteen counts.

The indictment alleges that Jennifer Grant and Hurbert Grant devised a scheme to defraud real estate owners, investors and mortgage lenders. The indictment describes a scheme whereby the Grants would induce real estate investors to purchase properties in the Atlanta, Georgia and Aliceville, Alabama areas based on representations that Jennifer Grant had an inside contract at a bank that allowed them to provide ‘foreclosure’ properties to their clients at greatly reduced prices and that the Grants would manage the properties purchased, including making repairs and locating tenants whose lease payments would cover the mortgage payments until the properties were sold at substantial profit. The indictment further alleges that quitclaims were acquired as to properties by means of false representations to property owners that second mortgages or refinances were being obtained and that they caused straw borrowers to misrepresent intent to occupy and down payments in mortgage and closing documents.

Grant could receive a maximum of five years in prison, followed by three years of supervised release, and a fine of up to $250,000.

Click here to read the post on the original indictment.