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Convicted Felon Works as Loan Officer

Thursday, December 23 2004 06:21
Convicted Felon Works as Loan Officer
NC Banking Commission Can't Revoke License Until Sentencing Complete

Shawn D. Davis, 34, Clayton, North Carolina is a former financial adviser who pleaded guilty to 16 counts of securities fraud and two counts of embezzlement for bilking clients and is awaiting sentencing. He works as a loan officer for American Mortgage Group Inc. in North Raleigh. Apparently, although the licensing law allows a mortgage loan officer’s license to be revoked if the licensee has committed a crime involving moral turpitude, the North Carolina State Banking Commission can’t revoke a license under that provision until sentencing is final.

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1 Comment

  • Comment Link jackie Thursday, March 01 2007 23:19 posted by jackie

    question: Can you be a loan officer and have 22 felonies of a combination of Securities fraud, grand theft and securties violation without a permit??? Another words can you legally write loans under a Broker in the state of California with felonies involving securities/fruad and grand theft????

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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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