Reginald Davis, 42, West Palm Beach, Florida, has been sentenced to federal prison in connection with a mortgage fraud scheme perpetrated in the Eastern District of Texas.
Davis, formerly of Dallas, Texas, pleaded guilty to conspiracy to commit mail fraud and wire fraud and was sentenced to 6 months in federal prison followed by 6 months home confinement today by U.S. District Judge Richard Schell. Davis was also ordered to pay restitution of $176,000.
As previously reported on Mortgage Fraud Blog, according to information presented in court, Davis admitted that from Oct. 2005 through March 2006, he conspired with Michaiah Pruitt, identified as a 42-year-old real estate investor from Dallas, to make false statements in mortgage loan applications in order to obtain mortgage loans for Davis to purchase two residential properties in Collin and Dallas counties from Pruitt. Davis admitted that the loan applications falsely overstated his income, that he had fund in a bank account and that he intended to occupy the houses as his primary residence. Davis was indicted by a federal grand jury on Apr. 6, 2009.
Two other individuals, Jeanelle Richardson, 37, Plano, Texas, and Pierre Sowell, Dallas, Texas, have pleaded guilty to participating in similar schemes with Pruitt. They are all awaiting sentencing.
These cases were investigated by the Internal Revenue Service – Criminal Investigations Division, the U.S. Postal Inspection Service – Office of the Inspector General, Housing and Urban Development – Office of the Inspector General, and the U.S. Secret Service. The cases are being prosecuted by Assistant U.S. Attorney J. Andrew Williams.