Marcus Payne, 44, Memphis, Tennessee, and Booker Smith, 30, Memphis, Tennessee, were indicted by a federal grand jury on April 16, 2014 on seven counts related to a mortgage fraud and identity theft scheme where allegedly they applied for mortgage loans to purchase residential properties using personal identifying information, including Social Security numbers, of others.
Payne and Smith were each charged with one count of conspiracy to commit mail, wire, and bank fraud; two counts of wire fraud; two counts of bank fraud; one count of mail fraud; and one count of aggravated identity theft.
According to the facts alleged in the indictment, between December 2008 and May 2009, Payne and Smith committed multiple acts of bank, wire, and mail fraud as part of a scheme to fraudulently enrich themselves by applying for mortgage loans to purchase residential properties using someone else’s personal identifying information, including Social Security numbers. As a result of the conspiracy and scheme, more than $500,000 was fraudulently obtained from Fifth Third Bank and CitiBank.
The aggravated identity theft charge carries a penalty of two years in prison consecutive to any other sentence. Each of the other charges carries a penalty of up to 30 years in federal prison. There is no parole in the federal prison system.
U.S. Attorney Edward L. Stanton, III announced the indictment.
This case was investigated by IRS-Criminal Investigations and the FBI. Assistant U.S Attorney Brian Coleman is representing the government.
The charges and allegations contained in the indictment are merely accusations, and the defendants are considered innocent unless and until proven guilty.