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Delaware County Woman Pleads Guilty in Mortgage Fraud Scheme

Acting United States Attorney Robert S. Cessar announced today, April 6, 2010, that on April 1, 2010, Jeanette Gray, a resident of Yeadon, Pennsylvania, pleaded guilty in federal court to a charge of wire fraud conspiracy in connection with a mortgage fraud scheme.

Gray, age 24, pleaded guilty to one count before United States District Judge Joy Flowers Conti.

In connection with the guilty plea, Assistant United States Attorney Brendan T. Conway advised the court that Gray was a licensed appraiser. She participated in a conspiracy with an individual associated with the mortgage broker company First Capital Home Equity in which First Capital Home Equity submitted appraisals to lending institutions representing that Gray had actually done the appraisals, when, in fact, she neither prepared nor reviewed the appraisals. In exchange, First Capital Home Equity paid Gray $4,000 per month.

Judge Conti scheduled sentencing for July 23, 2010. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.

The Mortgage Fraud Task Force conducted the investigation that led to the prosecution of Gray. The Mortgage Fraud Task Force is comprised of investigators from federal, state, and local law enforcement agencies and others involved in the mortgage industry. Federal law enforcement agencies participating in the Mortgage Task Force include the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigations; the United States Department of Housing and Urban Development, Office of Inspector General; the United States Postal Inspection Service; and the United States Secret Service. Other Mortgage Fraud Task Force members include the Allegheny County Sheriff’s Office; the Pennsylvania Attorney General’s Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee’s Office.

Mortgage industry members with knowledge of fraudulent activity are encouraged to call the Mortgage Fraud Task Force at (412) 894-7550. Consumers are encouraged to report suspected mortgage fraud by calling the Pennsylvania Attorney General’s Consumer Protection Hotline at (800) 441-2555.

Posted By: Ralph Roberts @ 10:24 am Comments Off
Filed under: Appraisal Fraud,Mortgage Fraud,Mortgage Fraud Scheme,Mortgage Fraud Task Force,Wire Fraud

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