Kim Lamar Betts was indicted by a Fulton County, Georgia, Grand Jury for his alleged participation in a scheme involving the fraudulent sales of residential properties in
The charges allege that Betts purchased two residential properties in January and February of 2007 and received kickbacks from proceeds of each sale that were not disclosed to the mortgage lenders. Betts is also charged with misrepresenting that the properties being purchased would be primary residences, when purportedly he never lived at either and had no intention of doing so.
Betts was charged in Fulton County Superior Court with four counts of Residential Mortgage Fraud (O.C.G.A. § 16-8-102). Each count is a felony punishable by up to 10 years imprisonment and a fine of up to $100,000.00.
Assistant Attorney General Greg Lohmeier is prosecuting the case on behalf of the State of
Members of the public should keep in mind that indictments contain only allegations against the individual(s) against whom the indictment is sought. A defendant is presumed innocent until proven guilty, and it will be the government’s burden at trial to prove the defendant guilty beyond a reasonable doubt of the allegations contained in the indictment.
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.