Charges Filed for Downpayment Fraud

Allison Tussey —  February 22, 2012 — Leave a comment

Phillip L. Weaver, 49, Kenton, Ohio, has been charged via criminal Information with conspiracy to commit mortgage fraud.

The information alleges that between 2004 to 2007, the defendant and others, for the purpose of obtaining mortgage loans, falsified documents submitted to potential mortgage lenders. The information charges that during this period, the defendant sold residential real estate in Hardin County and Hancock County, primarily to subprime borrowers.

It is alleged that purchase agreements for the sales of the properties falsely inflated the actual sales prices of the properties and falsely stated the maximum amount that the defendant would pay towards the buyers’ closing costs. It is further alleged that the parties failed to disclose to the lenders that the defendant provided funds to the buyers for the purchases of the properties.

If convicted, the defendant’s sentence will be determined by the court after review of factors unique to each case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense and the characteristics of the violation. In all cases, the sentence will not exceed the statutory maximum and in most cases it will be less than the maximum.

Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, announced the information.

The investigating agency in this case is the Federal Bureau of Investigation. The case is being handled by Assistant United States Attorney Thomas A. Karol.

An information is only a charge and is not evidence of guilt. Defendants are entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.

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Allison Tussey

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