Friday, November 21, 2008

8 Indicted For Bank Fraud And Money Laundering

A fifteen count federal grand jury mortgage fraud indictment in Cleveland, Ohio, was returned against:

Anthony L. Jerdine, 37, Pepper Pike, Ohio,

Joseph Jones, 52, Richfield, Ohio who owns and/or controls Alpha Prosperity Project, Inc., Alpha Holdings Group, Inc., Academy Construction and Intelli, LLC

Terry Smith, 34, Cleveland, Ohio

Roberto Baez, 51, Cleveland Heights, Ohio

William J. Werner, d.b.a. The Werner Group, 39, Brecksville, Ohio

Marilyn Mannarino, 64, Macedonia, Ohio

Diana Coomer, 44, West Chester, Ohio

Ephrian Chestnut, 43, Fontana, California

Alpha Prosperity Project, Inc.

Alpha Holdings Group, Inc.

Academy Construction; and

Intelli, LLC.

The indictment charges one count of conspiracy to commit bank fraud and money laundering and one count of bank fraud against all defendants. The indictment also charges seven counts of money laundering against Anthony L. Jerdine, five counts of money laundering against Roberto Baez and nine counts of money laundering against Joseph Jones, as well as one count of money laundering against Alpha Holdings Group, Inc. and one count of money laundering against Academy Construction, two counts of money laundering against Alpha Prosperity Project, Inc. and two counts of money laundering against Intelli, LLC.

The indictment alleges that during the period from about August 2007 through December 2007, Anthony L. Jerdine, Joseph Jones, Terry Smith, Roberto Baez, William J. Werner, Marilyn Mannarino, Diana Coomer and Ephrian Chestnut conspired about the purchase of 7261 Hillbrook Lane, South Russell, Ohio. The indictment further alleges that as part of their conspiracy, Anthony L. Jerdine purchased this property on August 31, 2007 through a land trust agreement for $710,000, and then “resold” the property the same day for $2,000,000 to defendant Terry Smith, based on a fraudulent appraisal report provided by defendant William J. Werner. The indictment further alleges that defendant Terry Smith, through defendant Diana Coomer, completed and submitted a false and fraudulent loan application which falsified his employment, overstated his income, overstated his monthly rent, overstated his assets, falsified his intent to occupy the property and concealed the source of the down-payment funds in order to obtain the financing to purchase the property located at 7261 Hillbrook Lane, South Russell, Ohio. The indictment alleges that defendant Marilyn Mannarino, a licensed title agent through the State of Ohio, served as the title agent on the property through Professional Settlement Services and conspired with the defendants to allow the mortgage loan to be funded before collecting defendant Terry Smith’s down payment money at closing, before collecting the $710,000 payment from defendant Anthony L. Jerdine for the initial purchase of the property and failed to properly distribute the mortgage proceeds from closing. The indictment further alleges that defendant Ephrian Chestnut, as CEO and President of Tax Consultants, completed a fraudulent Verification of Employment (“VOE”) on behalf of defendant Terry Smith, stating that Smith had been a client for six years and was self-employed as the owner of BSM Financial, Inc. The indictment alleges that the defendants did all of this in order to deceive and defraud Washington Mutual Bank into funding the $2,000,000 purchase price with a mortgage loan of over $1.5 million.

If convicted, the defendants’ sentences will be determined by the Court after review of factors unique to this case, including the defendants’ prior criminal records, if any, each defendant’s role in the offense, and the characteristics of the violation. In all cases the sentences will not exceed the statutory maximum and in most cases it will be less than the maximum.

This case is being prosecuted by Assistant United States Attorney Mark S. Bennett, following an investigation by agents of the Cleveland Division of the Federal Bureau of Investigation and the U.S. Postal Inspection Service.

mortgage fraud

1. The Mannarino family has been doing this for decades both in Ohio Florida. Someone should check out her two sons and their activities in this area.  Check out the houses they own in the Naples, FL area.  A lot of property for someone who, according to tax documents, makes less than $100K a year.

   Posted by  on  02/18  at  07:41 AM

2. In a country where you are innocent until proven guilty, it seems that I am not given that same chance.  I did not do what the FBI things I did.  I have been in this business almost 36 years and done nothing but fight for “good title practices”.  I will not defend myself except to say, I will be found innocent,

   Posted by  on  06/16  at  09:16 AM