Sisters Indicted for Straw Buyer Scheme

admin —  January 23, 2009 — 10 Comments

Ralondria Stafford, 34, San Francisco, California, and Necole Ward, 30, Las Vegas, Nevada (both formerly of Vallejo, Calif.) have been charged in a five-count indictment with crimes relating to a mortgage fraud scheme carried out in Vallejo, California between 2005 and 2006. The defendants, who are sisters, operated RN Realtors in Vallejo. The indictment charges them with conspiracy to commit wire and bank fraud, wire fraud, bank fraud, and engaging in monetary transactions in property derived from specified unlawful activity (money laundering).

According to the indictment, between July 2005 and August 2006, the defendants began using straw buyers to purchase properties that they owned in Vallejo, California. The buyers were approached and offered $5,000 for the use of their name and financial information. The defendants represented to the buyers that the purchase would be in name only and that Stafford would purchase the properties back from the straw buyers in six to 12 months.

In the course of the conspiracy, the defendants prepared “Uniform Residential Loan Application” forms in the straw buyers’ names containing material false statements. These false statements included, among other things, overstating of the straw buyer’s income, claiming employment at employers for which the straw buyers did not work, and misidentifying the purpose of the purchased locations as a primary residence. On one occasion, in support of the materially false statements, the defendants attached to the application falsified Internal Revenue Service form W-2s and a lease agreement.

The maximum statutory penalty for conspiracy is five years in prison, a fine of $250,000, and a three-year term of supervised release. This case is the product of a joint investigation by the Federal Bureau of Investigation and the Internal Revenue Service.

Stated Acting United States Attorney Brown, “Mortgage fraud has emerged as a major law enforcement priority in the wake of the housing market decline. As today’s indictment against these two former realtors reflects, we will continue to give priority to those cases perpetrated by industry professionals.”

Assistant United States Attorney Kyle Reardon is prosecuting the case.

The maximum statutory penalty for a violation of bank fraud and wire fraud is 30 years in prison, a fine of $1,000,000, and a five-year term of supervised release. The maximum statutory penalty for money laundering is 10 years in prison, a fine of $250,000, and a three-year term of supervised release. However, the actual sentence will be dictated by the Federal Sentencing Guidelines, which take into account a number of factors, and will be imposed at the discretion of the court.

The charges are only allegations and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

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10 responses to Sisters Indicted for Straw Buyer Scheme

  1. DAM She is a Crook

  2. My boyfriend is Ralondria’s cousin. He was also one of her biggest victims. He is an only child and both of his parents(Ralondria’s aunt and uncle) are dead, leaving him the house he grew up in. He is about to lose the house that his parents worked so hard for because of this fraudulent bitch cousin of his. I am not surprised about the indictement, if she would rip off her own family, she would do it to anyone!

  3. Loving your family has nothing to do with the fraud the two of them has done. I’m sure that your family and the straw buyers knew what was going on. No one think of the wrong they have done or the plan they had going on. Your family and other members who were involved in Fraud Schemes plus lying to the IRS…come on they were asking for it. The two of them used people to better their lives and I’m sure everything has yet to come out. Most could come out later. So as long as the two of them fraud the banks and IRS they should get what they get. But it may just be a slap on the wrist with the legentcy of what has been going on. Then again its a new day…

  4. I LOVE MY FAMILY AN HOPE THAT GOD CAN GET THEM TRU THIS MISHAP

  5. Individuals or couples agreeing to be “straw borrowers” were also part of the problem. If most people were honest, then this would not have happened. They should be prosecuted as well. Didn’t they give their information to someone to commit a crime for an exchange of cash?

    I DON’T feel sorry for the straw borrowers. They made their own mess. These are the type of people I would have to argue with when I turned down their loans just for these reasons.

    I am so glad normal underwriting is returning and integrity is valued.

  6. What about the people that were the straw buyers?? Do they get away with no time? I bet greed was involved in their decision to let someone use their name and credit to purchase homes. What about the $5000.00 they received for each home purchased, How about paying that back to the Lenders. The straw buyers should also be responsible for the crime. Straw buyers are like the driver of the get away car in a bank robbery. Some straw buyers have multiple home purchases with 100% financing. They don’t seem like they are the victim.

  7. Liars who take advantage of others should do the time, people put trust in people in Real Estate and for the two of them to take advantage of people who trust them. If you do the crime you should do the time and Justice is not served if they do 5years. Peoples credit are messed up, can dam near be homeless. These two thought of themselves and not the people trying to make a living for their families. People put their hard earned money into homes and for them to use people… They deserve the max!

  8. It’s about time justice has been served and I have been victim of Ralondria and Nechole mortgage scheme of those years and i bet my life that it is more the two of them have done. I Thank GOD Justice has finally prevailed on the two of them and all their friends who helped them. WOW!

  9. “ralondria” should be indicted on having a stupid name.

  10. WELL WHAT DOD YOU KNOW ABOUT THAT!!!! IT SEEMS THAT FRAUD HAS BEEN DISCOVERED!!!NOW I WONDER WHEN FRAUD WILL BE DISCOVERED IN PINE VILLAGE T/H SUBDIVISION IN HOUSTON TX.JUST REMEMBER ONE THING, MRS DOLLAR HAS BEEN REPORTING ON FRAUD FOR A LONG TIME AND YOUR GOV. PAID LITTLE ATTENTION TO WHAT WAS REPORTED.EVERYONE WANTS THE BIG CASE SO THEY CAN WRITE A BOOK.IT AIN”T GOIG TO HAPPEN RICKI. G.UBER

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