Title Company Owner Jailed for Straw Buyer Scheme

Allison Tussey —  February 19, 2014 — Leave a comment

Sylvia Denise Cathey, 46, of Memphis, Tennessee, was sentenced to 57 months in federal prison following her guilty plea to one count of mail fraud and one count of money laundering.

According to the facts alleged in the indcitment and revealed in open court, Cathey was engaged in a mortgage fraud scheme that utilized third parties as straw buyers. As part of her plea agreement, Cathey admitted that on March 22, 2007, she knowingly sent a package of fraudulent documents to Chase Bank USA. She further admitted that on July 12, 2007, $11,517.48 was transferred to her company, Preferred Title and Escrow, as part of another fraudulent transaction.

In addition to the prison sentence, Senior U.S. District Judge Jon P. McCalla ordered Cathey to serve three years of supervised release, 300 hours of community service, and to either pay a $5,000 dollar fine or make at least $5,000 in restitution to the victims of her scheme.

U.S. Attorney Edward L. Stanton III announced the sentence.

This case was investigated by Internal Revenue Service-Criminal Investigations, the Federal Bureau of Investigation, and the United States Postal Inspection Service. Assistant U.S. Attorney Christopher Cotten represented the government.

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Allison Tussey

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