Identity Thief Sentenced in Mortgage Fraud Case

admin —  March 25, 2010 — Leave a comment

Randal Antoine, 36, Columbia, South Carolina, was sentenced in federal court to serve eight years in federal prison for a mortgage fraud scheme. Antoine pled guilty last November to wire fraud and illegally using Social Security numbers in connection with the scheme.

As previously reported on Mortgage Fraud Blog, Antoine devised a scheme to defraud AmeriDream, Inc., a company that provided down payment assistance to first-time home buyers. The scheme involved Antoine posing as a mortgage loan originator, applying to AmeriDream for funds on behalf of his purported clients. In some cases, Antoine used stolen identities and Social Security numbers of midlands residents to apply for the funding. Between February and September 2008, he falsely represented to AmeriDream that 38 different loan closings would be taking place, causing AmeriDream to transfer approximately $328,000.00 to Antoine. In fact, no closings took place; all of the application information supplied by Antoine was fictitious. He used some of the money he received from the lenders to pay off earlier loans, much like a Ponzi scheme, and procured additional funds from other lenders in a similar fashion.

Overall, the scheme involved loans of $4,700,000.00, with Antoine retaining more than $570,000.00 for his own use. Antoine was ordered to pay full restitution and forfeit a BMW automobile he purchased with proceeds from the scheme.

Acting United States Attorney Kevin F. McDonald made the announcement.

The case was investigated by the United States Secret Service. Assistant United States Attorney Nathan S. Williams of the Columbia office prosecuted the case.

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