Jason Jester, 38, South Park, Pennsylvania, pleaded guilty in federal court to a charge of Wire Fraud Conspiracy. Jester pleaded guilty to one count before Chief United States District Judge Donetta Ambrose.

In connection with the guilty plea, Assistant United States Attorney Brendan T. Conway advised the court that Jester, along with Randy Carretta, operated Precision Mortgage, a mortgage broker business that assisted individuals in obtaining financing to purchase real estate. As previously reported by Mortgage Fraud Blog, Jester, along with other members of the conspiracy, obtained financing for individuals to purchase real estate based on material misrepresentations as to the buyers' financial condition and other misrepresentations. In addition, with the knowledge and assistance of Jester, other members of the conspiracy submitted fraudulent documents to the lenders, including appraisals that overstated the value of the property, and W-2s, pay stubs and similar documents that overstated the buyer's income.

Judge Ambrose scheduled sentencing for September 10, 2008. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.

The Mortgage Fraud Task Force conducted the investigation that led to the prosecution of Jester. The Mortgage Fraud Task Force is comprised of investigators from federal, state and local law enforcement agencies and others involved in the mortgage industry. Federal law enforcement agencies participating in the Mortgage Task Force include the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigations; the United States Department of Housing and Urban Development, Office of Inspector General; the United States Postal Inspection Service; and the United States Secret Service. Other Mortgage Fraud Task Force members include the Allegheny County Sheriff's Office; the Pennsylvania Attorney General's Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee's Office.