Tracy T. Todd and Steve G. Boyer, both Greeley, Colorado real estate brokers, were disciplined by the Colorado Division of Real Estate for their alleged involvement in mortgage fraud schemes. The Division permanently revoked Todd's license and suspended Boyer's license for 90 days.

The Division asserts that Todd offered to purchase residential real estate in Greeley, Colorado at artificially inflated prices with the intent of receiving large sums of money back at closing. The cash back at closing was directed to a company called Medicine Creek Consulting, LLC owned by a business partner of Todd. In one instance, a residence was on the market for 9 months with an asking price of $300,000. Todd approached the buyer and offered $425,000 for the property, executing a commission agreement separate from the sales contract requiring a $135,000 "consulting fee" to be paid to Medicine Creek Consulting at closing. Todd operated as the buyer's agent. The buyer was Grace Todd, a relative of Todd.

In another case, Todd executed a contract to buy a Greeley, Colorado residence for $425,000 that included a $72,250 consulting fee to Medicine Creek consulting. The buyer was Todd's mother-in-law. Steve Boyer was the listing agent. Boyer’s suspension was a result of his participation in this transaction.

"This type of unscrupulous activity contributes to our high foreclosure rate by artificially inflating property values," said Erin Toll, Director of the Colorado Division of Real Estate. "The Division of Real Estate is aggressively pursuing illegal activities that could lead to foreclosures, especially in Weld County, which has one of the highest foreclosure rates in the nation," she said.