Thursday, June 19, 2008
7 Indicted In Scheme To Inflate Condo Values
Dossey Richards, 36, Atlanta, Georgia, Lovie Hobbs, a/k/a Lovie Hobbs Hagwood, 47, Lithonia, Georgia, Montra McKenzie, 29, Atlanta, Georgia, Cyrus Davis, 42, Atlanta, Georgia, Marcus Vickers, 35, Ellenwood, Georgia, Rayshuan Harmon, 27, East Point, Georgia, and Michelle Davila, 35, Atlanta, Georgia, have been arrested on a federal criminal complaint related to a mortgage fraud scheme.
According to United States Attorney David E. Nahmias and the information presented in court: The complaint alleges one count of conspiracy to commit wire fraud based on a mortgage fraud scheme. Participants in the alleged fraud included Dossey Richards, the owner of ”Red Hair Investment Group, LLC,” Marcus Vickers, d/b/a ”Title Depot of America,” a closing attorney in the Atlanta area; Montra McKenzie and Cyrus Davis, both mortgage brokers in the Atlanta area, Michelle Davila, an employee of Wachovia Bank, and Rashuan Harmon, who provided fraudulent appraisals as a part of the scheme. In addition, Lovie Hobbs, accused of being a straw buyer, is an employee with the Internal Revenue Service (IRS) in Atlanta.
The properties that are the subject of the charges are units in the ”Blue Sky” condominium complex located at 3106 Memorial Drive, Atlanta, Georgia. It is alleged that the persons named in the criminal complaint conspired to defraud certain lenders by inflating the value of units at Blue Sky.
The fraudulent transactions outlined in the complaint occurred between March and May of 2008. The complaint alleges that the current listings of 25 units in the complex range in price of between $2,000 and $28,750, however, the inflated sales prices used to fraudulently obtain inflated loans were between $135, 000 and $155,000. The participants charged include the property owner/seller Dossey Richards as well as the straw buyer/borrower Lovie Hobbs. As in most mortgage fraud cases, prior inflated loans obtained for units in Blue Sky have gone into foreclosure, causing losses to the victim lenders.
United States Attorney David E. Nahmias said, “This is unfortunately another in a long series of major mortgage fraud cases in metro Atlanta. In this case, an entire condominium complex was gutted by fraud and greed. And as we have seen too many times before, one of the defendants charged is a closing attorney, someone the victim lenders retained and trusted to protect them against such fraud, but who instead became a participant in it. Mortgage fraud will remain a high priority for federal law enforcement in North Georgia.”
FBI Atlanta Special Agent in Charge Greg Jones said, “Today’s arrests illustrate clearly that the crime of mortgage fraud involves people from all walks of life who unwisely choose to collectively use their various positions and skills to rip off banks or other lending institutions. Mortgage fraud is a complex and prevalent crime problem that the FBI is well suited to address and intends to do just that.”
The defendants each face a possible maximum term of 30 years in federal prison. In determining the actual sentence, the Court will consider the United States Sentencing Guidelines, which are not binding but provide appropriate sentencing ranges for most offenders.
Members of the public are reminded that the indictment contains only allegations. A defendant is presumed innocent of the charges and it will be the government’s burden to prove a defendant’s guilt beyond a reasonable doubt at trial.
This case is being investigated by Special Agents of the FBI. Assistant United States Attorney Barbara Nelan is prosecuting the case.
mortgage fraud
THAT IS THE SAME THING THAT WAS DONE IN THE T/H COMPLEX I LIVE IN.ONE PERSON INVOLVED WAS AN ATTORNEY,ONE A PERSON WITH A BACKGROUND OF PHONEY COMPANIES SUCH AS SHADY OAKS THOROUGHBREDS.THIS PERSON SHOULD HAVE BEEN PUT AWAY LONG AGO.PEOPLE LIKE THIS STAY JUST LOW ENOUGH TO MAKE IT HARD TO PROSECUTE BECAUSE OF TIME AND MONEY. G.UBER USN RET.
Posted by on 06/19 at 11:50 AM
I was sent to this complex to do a BPO in March. Upon entering, I inhaled and immediately called the bank and refused the order. The stench of criminal activity permeated the air once I got out of my vehicle. It didn’t take long to recognize this met the definition of mortgage fraud. It was so apparent I started looking for hidden cameras and surveilance vans to see if someone was recording my actions.
I could say this as a positive - some of the laborers on site had concerns of fraud and the place has a really nice sign out front. Otherwise, it is a dump. I think crack/meth heads/alcoholic addicts and various urban adventurers would avoid this place to avoid getting arrested for mortgage fraud.
If you took this scenario and dubious characters and created it as a plot for a crime drama, I think Hollywood would reject this as too unbelievable.
Posted by on 06/21 at 04:02 AM
they try to get me being that i was from out of town wish that Dossey would get out so i can show him what i think about what he try to do to me
Posted by on 06/27 at 06:58 AM
Who should be notified if anyone is a victim of this scam and fraud?
Posted by on 06/30 at 09:15 AM
I used to work for Dossey in 2002-2003, finding potential properties to flip. He never paid me what he owed me. He deserves the maximum.
Posted by on 09/19 at 06:36 AM
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
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