Tuesday, November 15, 2005

Four Indicted in $2 Million Dallas Mortgage Fraud Scheme

Four men were indicted in Dallas, Texas in connection with an alleged mortgage fraud scheme involving approximately $2 million in fraudulent loans. The indictment, handed down by a grand jury in the Northern District of Texas, charges seven counts of conspiracy, mail fraud, wire fraud and bank fraud against the following individuals:

Charles Cooper Burgess

Mark Manners

Robert L. Loeb

Andrew Siebert

According to the indictment from December 2002 through March 2004, the defendants engaged in a conspiracy whereby they would locate single family residence to purchase and recruit straw borrowers to purchase the homes.  They would submit fraudulent loan documentation to lenders in the name of the straw borrowers to obtain loans in an amount greater than the value of the residences and cause inflated loan amounts to be funded by mortgage lenders and financial institutions.  The fraudulently obtained proceeds were paid out of the proceeds of the loans to Custom Select Homes and/or Better Homes of Dallas, company names utilized by the defendants and were, according to the indictment, distributed among the conspirators and others.  In addition, the defendants would execute contracts between their company and the straw borrowers providing that the company would be responsible for the loan and would then fail to fulfill those contracts.

Properties listed in the indictment include:

2405 Northridge Drive, Garland, Texas

1821 Rockford Court, Allen, Texas

500 Lamar Court, Irving, Texas

1609 Milsap, McKinney, Texas

7412 Boulder Creek, McKinney, Texas

8242 Library Street, Frisco, Texas

mortgage fraud

1. These “Four Men” sound like a REAL threat to society!  What about the rapists, child molestors, murderers and that lady with Red Hair that drinks champagne all the time that tells me that the bunnies are outside?

   Posted by  on  12/01  at  05:42 PM

2. These four men and others are a REAL threat. One man lost $300,000 in another bogus scheme by one of these guys. I have personally lost over $60,000 when I was duped into a subsequent purchase of the 2405 Northridge property by one of Mr.
   Burgess’s former employees. I may even lose more if the bank comes after me in foreclosure. Don’t you think I feel violated?

   Posted by  on  12/18  at  03:38 PM