Cherri Dallas, former owner of Dallas Team Realty, pled guilty under the First Offender Act on Friday, January 6, 2012, to one count of Residential Mortgage Fraud (O.C.G.A. § 16-8-102) in Fulton County Superior Court, Georgia. Specifically, Dallas netted proceeds from a real estate sale that she facilitated based on a misrepresentation of income by the buyer, Wayne Pettway, to the mortgage lender. Judge Chris Brasher sentenced Dallas to two years. While on probation, Dallas is prohibited from seeking or obtaining a real estate license. Charges are pending against Pettway.
Kai Fluker pled guilty on Monday, January 9, 2012, to three counts of Residential Mortgage Fraud (O.C.G.A. § 16-8-102) in Fulton County Superior Court. Fluker received loans to purchase two properties in South Atlanta by deliberately misrepresenting her income to the mortgage lender and falsely stating that each property would be her primary residence. Judge Jackson Bedford sentenced Fluker to three years and a $1,500.00 fine.
Defendant Wendy Mitchell pled guilty in November 2011, and charges are pending against six of the remaining defendants.
Assistant Attorney General Greg L. Lohmeier prosecuted the case on behalf of the State of Georgia.
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.