George Eric Cardona, formerly of Irving, Texas, pled guilty to one count of mail fraud and one count of money laundering in connection with a mortgage fraud scheme that resulted in losses over $1M to at least 50 victims. Sentencing is scheduled for April 18, 2005. The U.S. Attorney Press Release describes the scheme:

According to documents filed in court, Cardona incorporated a "shell" corporation called First Cambridge Mortgage Corporation and shortly thereafter moved First Cambridge into space previously occupied by Union Mortgage Company. Cardona also obtained the same telephone number that had been listed for Union Mortgage. Union Mortgage is a legitimate mortgage company in Dallas that is now doing business as Foremost Servicing Corporation.

Cardona pretended that First Cambridge was the legal successor to Union Mortgage, and received telephone calls and facsimiles from title companies inquiring about payoff balances on mortgages held by Union Mortgage. Cardona would send loan payoff information to others, cause the release of lien documents to be sent, and cause others to send loan repayment checks to him. Cardona admitted he caused the checks to be deposited into a First Cambridge bank account and kept the funds for his own use and to promote the scheme.