Father & Son Plead Guilty to Mortgage Fraud

admin —  February 23, 2010 — Leave a comment

Gerald Wayne Snow, Sr., a/k/a Gerald Snow, 68, Broken Arrow, Oklahoma, has pled guilty to Conspiracy to Commit Wire Fraud, in violation of Title 18, United States Code, Section 1349 and five counts of Wire Fraud, in violation of Title 18, United States Code, Section 1343. The Superseding Indictment also contained a criminal forfeiture of $4,878,743.87.

Charges arose from an investigation by the Federal Bureau of Investigation. The Superseding Indictment, filed in February 2010, alleged that Gerald Snow and his son, Jerry Snow, built and sold houses in the Jordan Oaks and Megan Farms subdivisions of Wagoner County, Oklahoma. As previously reported on Mortgage Fraud Blog, Gerald Snow conspired with his son and others to defraud mortgage lenders to loan money on homes sold by the Snow’s. 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, falsely reported the source of down payments and closing costs, inflated the purchase prices of the homes and concealed the cash back payments to buyers.

The Honorable Kimberly E. West, Magistrate Judge in the United States District Court for the Eastern District of Oklahoma, in Muskogee, accepted the defendant’s guilty pleas and ordered the completion of a pre-sentence report. Sentencing will be scheduled following its completion. The defendant remains in custody of the United States Marshal pending sentencing.

The statutory range of punishment is not more than 20 years imprisonment and/or up to $250,000.00 in fines on each count. A preliminary calculation of the sentencing guidelines, predicts a term of 87-108 months imprisonment.

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