John Myers, 49, Leawood, Kansas plead guilty to one count of wire fraud in connection with allegations that he assisted co-defendant and former congressional candidate, Adam Taff, fraudulently obtain a mortgage.
Myers, the owner of National Mortgage Company, signed a contract to sell his home in Lake Quivira to Taff for $1.2 million. According to the indictment, Taff obtained a check for $300,000 from campaign funds and, with Myers assistance, in order to obtain a mortgage, misrepresented that the money would serve as a down payment on the property. According to the indictment, the funds were later returned to the campaign accounts.
The maximum sentence under the guilty plea is 30 years in prison and a fine of up to $1,000,000.
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.