http://www.charlotteobserver.com/business/story/956424.html On July 13, 2007, Woods and other cell members made "false and fraudulent statements" to get a $1.36 million home mortgage loan from First Tennessee Bank for a Waxhaw house, the documents said. Woods also filed a 2007 federal income tax return saying he had income of less than $12,000. The filing by the U.S. Attorney's office says he knew... [more]
http://www.charlotteobserver.com/business/story/956424.html
On July 13, 2007, Woods and other cell members made "false and fraudulent statements" to get a $1.36 million home mortgage loan from First Tennessee Bank for a Waxhaw house, the documents said.
Woods also filed a 2007 federal income tax return saying he had income of less than $12,000. The filing by the U.S. Attorney's office says he knew his income "was substantially in excess" of the reported amount.
Woods is charged with one count each of mortgage fraud conspiracy, bank fraud and making a false statement on a tax return. He faces fines that could total as much as $750,000 and up to 38 years in prison. He also agreed to surrender his loan officer's license and not apply for any license related to the real estate industry until the completion of his sentence.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
Participants in the fraud agreed to buy homes at one price from builders, arranged buyers at a higher price and lied to get mortgages at the higher level, according to court documents. Prices were generally inflated by $200,000 to $500,000. At closing, the difference between the two prices would be distributed among cell members.
Participants in the fraud agreed to buy homes at one price from builders, arranged buyers at a higher price and lied to get mortgages at the higher level, according to court documents. Prices were generally inflated by $200,000 to $500,000. At closing, the difference between the two prices would be distributed among cell members.