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Pennsylvania Businessman Indicted for Mortgage Fraud

Tuesday, November 13 2007 05:23

Robert L. Dodsworth, Erie County, Pennsylvania, is accused of a mortgage-fraud scam that included misrepresenting Borrower income and financials. Dodsworth is also alleged to have manipulated the bank accounts of prospective homeowners.

According to the criminal iinformation, Dodsworth, owner of several Pennsylvania corporations, from January 2003 through March 2006, in the Western District of Pennsylvania, conspired with others to obtain investors for the purpose of procuring funds for the purchase distressed, low cost real estate in Erie Pennsylvania. Dodsworth intended to sell the properties at drastically and artificially inflated prices. Dodsworth and his coconspirators allegedly sought out individuals with limited sophistication and economic resources as buyers for the distressed properties being offered for sale by the defendant and/or one of his several businesses. To that end, Dodsworth tailored the loan applications to lenders to ensure the borrower's creditworthiness, often by significantly misrepresenting the borrower's income and assets.

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Rachel Dollar 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.
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