Wednesday, November 12, 2008
Atlanta Woman Sentenced For Inflated Appraisal/Loan Misrep Scheme
Adriene Newby-Allen, 40, Alpharetta, Georgia, was sentenced to serve more than 11 years in federal prison for her role in a multi-million dollar mortgage fraud scheme. Newby-Allen pleaded guilty in July 2008 shortly before trial.
Newby-Allen was sentenced to 135 months in federal prison to be followed by 5 years of supervised release, and ordered to pay $5,278,703 in restitution.
As previously reported by Mortgage Fraud Blog, and according to the information presented in court: From mid-2004 through March of 2006, Newby-Allen conducted a mortgage fraud scheme that siphoned off millions of dollars in fraudulently inflated mortgage loans being provided to unqualified straw buyers, one of whom was her husband and co-defendant, Brinson Allen. Allen was found guilty of multiple charges relating to the fraudulent scheme on July 30, 2008, by a federal jury after a ten-day trial and will be sentenced at a later date.
Newby-Allen inflated the sale prices of residential real estate and arranged for the submission of false loan applications, documents and other information to mortgage lenders to obtain loans for the unqualified straw buyers. When the loans closed, Newby-Allen and her co-conspirators received millions of dollars of the mortgage loan proceeds through Newby-Allen’s shell company, “Swiss Acquisitions,” by using misrepresentations about disbursements of the loan proceeds. Newby-Allen personally received more than $1 million of the loan proceeds obtained in the fraudulent scheme.
United States Attorney David E. Nahmias said, “This case is the result of a FBI sting operation that uncovered a mortgage fraud scheme with far reaching effects. This defendant, along with others, were on all sides of a complex paper trail that circled a number of criminal acitivies.”
Assistant United States Attorneys Doug Gilfillan and Barbara E. Nelan are prosecuting the case.
mortgage fraud
It is amazing to me how a person can take advantage of people and companies and then take in over 1 million in revenue and still feel good.
Posted by on 11/12 at 07:51 AM
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
U.S. v. Miller, et al.
Thursday, December, 18, 2008
Verdict:
F. Jeffrey Miller Guilty of Conspiracy and Money Laundering
Steven Vanatta Guilty of Conspiracy , Money Laundering and Bank Fraud
Hallie Irvin Guilty of Conspiracy , Money Laundering and Bank Fraud
Sandra Jo Harris Not guilty- all counts
More Trial Coverage
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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. 
