Loan Officers and Investor Admit Roles in Flipping Scheme
December 15, 2004 – Winn, William Edward – Criminal Information
December 15, 2004 – Winn, William Edward – Plea Agreement
December 15, 2004 – Sweeney, Patrick Thomas – Criminal Information
December 15, 2004 – Sweeney, Patrick Thomas – Plea Agreement
Pleaded guilty in Cincinnati flipping scheme:
Patrick Thomas Sweeney, former loan officer with Airline Union’s Mortgage, Springfield, Ohio, two counts of mail fraud
William Edward Winn, former loan officer with Airline Union’s Mortgage, Springfield, Ohio, two counts of mail fraud
Phillip Jasper, investor, bank fraud
In their plea agreements, Sweeney and Winn admitted they processed loans supported by fraudulent documents and inflated appraisals. The company would obtain borrowers by mailing out fliers promising investment property with no money down or out-of-pocket expenses.
According to the Cincinnati inquirer, federal prosecutors contend that the loan officers pulled off the fraud at the instruction of Airline Union’s Mortgage president Jay Sullivan and Troy Clements, (neither of whom have been charged) who ran a separate business, American Funding, from the same Springdale office.
