4 Indicted In Connection with $11M Mortgage Fraud

Allison Tussey —  August 25, 2009 — Leave a comment

Gerald Wayne Snow, Sr., a/k/a Gerald Snow, 68, Broken Arrow, Oklahoma, Gerald Wayne Snow, Jr., a/k/a Jerry Snow, 40, Tulsa, Oklahoma, Ayo Dineji Olaniyan, 33, Joplin, Missouri, and Gaile Diana Cates, 37, Tulsa, Oklahoma were arraigned on the charge of Conspiracy to Commit Wire Fraud, in violation of Title 18, United States Code, Section 1349 and Criminal Forfeiture pursuant to Title 18, United States Code, Section 982.

“Charges arose from an investigation by the Federal Bureau of Investigation. The Indictment alleges that Gerald Snow and his son Jerry Snow built and sold houses in Wagoner County. Gerald Snow and Jerry Snow conspired with Olaniyan, Cates and others to defraud mortgage lenders to loan money on homes sold by the Snows. The defendants solicited and induced buyers by promising to pay down payments, closing costs and provide cash back to the buyers after closing. In order to get the mortgage lenders to loan funds, the defendants conspired to submit false loan applications and inflated the purchase prices of the homes,” stated Sheldon J. Sperling, United States Attorney for the Eastern District of Oklahoma, who announced the indictment. 

Gerald Snow, Jerry Snow and Gaile Diana Cates entered pleas of not guilty before the Honorable Kimberly E. West, Magistrate Judge in the United States District Court for the Eastern District of Oklahoma, in Muskogee. Ayo Dineji Olaniyan entered a plea of not guilty before the Honorable Steven P. Shreder, Magistrate Judge in the United States District Court for the Eastern District of Oklahoma, in Muskogee. The case was set for jury trial on October 5, 2009 before the Honorable Ronald A. White, United States District Judge, and the defendants were released pending trial.

“The statutory range of punishment is not more than twenty years imprisonment, and/or up to $250,000.00 in fines,” stated U.S. Attorney Sperling.

Assistant United States Attorney Christopher J. Wilson represents the United States in this matter.

The named individuals have been charged with a federal crime or crimes by the return of an indictment by the Grand Jury. A grand jury Indictment does not constitute evidence of guilt. A grand jury Indictment is a method of bringing formal charges against the defendant. A defendant is presumed innocent of the charges and may not be found guilty unless evidence establishes guilt beyond a reasonable doubt.

 

 

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