Dallas (AP) -- Former Dallas Cowboys linebacker Eugene Lockhart was arrested Thursday after he was indicted with eight others in an alleged mortgage fraud scheme that swindled more than $20 million from several home lenders, federal officials said. The U.S. Attorney's Office said Lockhart and the others made 54 fraudulent loan closings for single-family homes in the Dallas area that totaled about... [more]
Dallas (AP) -- Former Dallas Cowboys linebacker Eugene
Lockhart was arrested Thursday after he was indicted with eight
others in an alleged mortgage fraud scheme that swindled more
than $20 million from several home lenders, federal officials
said.
The U.S. Attorney's Office said Lockhart and the others
made 54 fraudulent loan closings for single-family homes in the
Dallas area that totaled about $20.5 million. The scheme
started in February 2001 and involved obtaining loans to buy
distressed or pre-forclosure properties sold at inflated
prices. The defendants kept the surplus loan proceeds,
according to the federal indictment.
Authorities allege the group recruited "straw" buyers and
purchasers and doctored financial statements so the lender
would approve the loans.
"The people involved are escrow officers, appraisers, title
companies ... the gamut of real estate," said FBI spokesman
Mark White. "That's usually how these things work. It takes
somebody in every single area to get this thing to work."
The indictment charges Lockhart, 48, of Carrollton, with
one count of conspiracy to commit bank fraud and wire fraud and
one count of wire fraud.
Lockhart was involved with several real estate businesses,
including America's Team Mortgage, America's Team Realty,
Cowboys Realty and KLT Properties, according to the indictment.
He's accused of collaborating with the eight others to devise
the scheme and helping obtain inflated appraisals.
Cowboys Mortgage owner Lendell Beacham, 54, of DeSoto, also
was arrested. He faces one count of conspiracy to commit bank
fraud and wire fraud and one count of wire fraud.
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