Real Estate Agent/Mortgage Broker Sentenced for Fraud

Allison Tussey —  November 30, 2011 — Leave a comment

Robert C. Sasser, 32, Lexington, South Carolina, was sentenced in federal court in Columbia, South Carolina, for wire fraud, a violation of 18 U.S.C. § 1343. United States District Judge Margaret B. Seymour sentenced Sasser to three years’ imprisonment and ordered him to pay approximately $1.6 million in restitution to Wells Fargo bank.

Evidence presented at the change of plea hearing established that Sasser was a real estate agent and mortgage broker doing business in West Columbia. He was involved in eight real estate transactions that involved modular homes from the Aiken Housing Center and a private residence. Wachovia Mortgage Corporation (WMC) financed the eight mortgage loans for approximately $2.5 million. All the loans were collateralized by modular homes that were significantly overvalued.

The loan documents contained multiple misrepresentations that showed that the eight loans were fraudulent. They included grossly misstated income and asset information, forged signatures, and improper down payments. Due to subsequent foreclosures, the amount of loss suffered in this case was approximately $1.6 million, owed to WMC‘s successor, Wells Fargo.

United States Attorney Bill Nettles announced the sentence.

The case was investigated by agents of the Federal Bureau of Investigation. Assistant United States Attorney Winston D. Holliday, Jr., of the Columbia office handled the case.

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Allison Tussey

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