Man Sentenced for Scam Involving Multiple HELOCs on a Single Home

Allison Tussey —  February 24, 2014 — 1 Comment

William Barksdale, 47, Burlington, New Jersey, a real estate consultant, was sentenced to 20 months in prison for helping five people defraud banks by obtaining multiple home equity loans on the same property.

The defendant pleaded guilty before U.S. District Judge Robert B. Kugler to an information charging him with one count of conspiracy to commit wire fraud. Judge Kugler imposed the sentence in Camden federal court.

According to documents filed in this case and statements made in court:

Barksdale was the owner of Barksdale Business Group, Barksdale Investment Properties, and Barksdale Loan Consultants. He devised a scheme to obtain multiple home equity lines of credit on a single home for more than the property was worth. A homeowner would submit loan applications to several lenders simultaneously without advising each lender about the other applications. Any bank conducting a title search would receive a clean title report because the other home equity lines of credit had not yet been recorded.

Barksdale advised five people to secure multiple home equity loans using his scheme, and each obtained at least three home equity loans on a single property. One individual obtained seven home equity loans on one home. Each person paid Barksdale a portion of the fraudulent proceeds. Many of the home equity loans later went into default. The scheme caused more than $1 million in losses.

In addition to the prison term, Judge Kugler sentenced Barksdale to five years of supervised release. A restitution hearing will be held at a later date.

U.S. Attorney Paul J. Fishman announced the sentence.

U.S. Attorney Fishman credited agents of the FBI’s Trenton Resident Agency, under the direction of Special Agent in Charge Aaron T. Ford, and agents of the N.J. Division of Criminal Justice, under the leadership of Director Elie Honig, with the investigation leading to today’s sentencing.

The government is represented by Assistant U.S. Attorney R. David Walk Jr. of the U.S. Attorney’s Office Criminal Division in Camden.

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One response to Man Sentenced for Scam Involving Multiple HELOCs on a Single Home

  1. And what about the legal land owner of this property , that some money hungry loan consultant who opened 7 loans on a legal land owners almost or paid property ?

    That were thrown into the street and accused of being senile, accused they FORGOT THEY OPENED 7 @#* HELC’s ?

    What happened to them ?

    THAT IS THE MORE IMPORTANT PART OF THESE STORIES UNTOLD
    .
    WERE THESE HARD WORKING PEOPLE THAT WORKED THEIR ASS’S OFF FOR 25 YEARS TO HAVE THEM STOLEN FROM MONEY HUNGRY LOAN CONSULTANT“S .

    WERE THESE LEGAL LANDOWNERS COMPENSATED AND GIVEN THEIR PROPERTIES BACK ? THAT IS THE MORE IMPORTANT ISSUE HERE. .

    OR WAS AN UNLAWFUL DETAINER FILED ,ILLEGALLY AGAINST THE LEGAL LANDOWNER, CLAMING THEY ARE THE LANDLORD
    and their renter did not pay their rents ? NO LANDLORD/TENANT RELATIONS.

    SUMMARY JUDGMENT GIVEN TO THE REALTOR’S WORKING FOR THE BANKS TO STEAL PROPERTIES NEITHER ONE OF THEM OWNS .

    THAT IS MORE LIKELY HOW THIS STORY ENDS….,

    WHO GIVES A S_ _T about the 5 month prison sentence the money hungry greedy loan consultant was given.

    He owns 20 properties and has 10 million $ buried in his back yard over looking the ocean.
    He will be out in 2 1/2 months when he is released overcrowding.. WHAT ABOUT THE LEGAL LANDOWNER “S WHO WERE CRIMINALLY FORECLOSED ON , WRONGFUL FORCED DETAINER’S, WRONGFUL TRANSFER OF PROPERTY TITLES , .WRONGFUL CRIMINAL CONDUCT.

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