Monday, October 16, 2006
Indictment of Georgia Broker Alleges Diversion of Warehouse Line
Joseph E. White, 50, Atlanta, Georgia, and ”Southern Lenders Mortgage Corporation,” Newnan, Georgia, have been indicted on charges of defrauding its lender of approximately $3.7 million.
United States Attorney David E. Nahmias said, “This indictment alleges that Southern Lenders, a broker of residential loans, was fraudulently dealing with its own lender, nBank. We and the FBI, and the Office of Inspector General for the FDIC will thoroughly and vigorously investigate fraud against our federally insured banking system.”
According to United States Attorney Nahmias, the charges and other information presented in court: Between 1999 and 2006, White, acting as a principal of Southern Lenders, allegedly secured funding on multiple loans through a specific broker line of credit with a lender, “nBank.” When Southern Lenders subsequently sold these loans to investors, the funds to pay back the nBank credit line were allegedly fraudulently diverted. The alleged diverted funds totaled approximately $3,700,000. Accordingly to the Indictment, the funds were used for a number of purposes. The indictment alleges the money was used for the personal expenses of White and others associated with Southern Lenders; for Southern Lenders’ asset acquisition and expenses; to finance various real estate ventures; and to fraudulently provide “front money” to borrowers who were seeking loans being processed by Southern Lenders.
The indictment charges one count of bank fraud. The charge carries a maximum sentence of 30 years in prison and a fine of up to $1,000,000.
mortgage fraud
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
