Wednesday, July 02, 2008
Nashville Couple Indicted For Scheme To Defraud Lenders
Fred Holder and Pamela Holder were indicted by a federal grand jury on Wednesday for wire fraud and bank fraud. The four count indictment alleges that from December 2004 through April 2006, the Holders engaged in a mortgage fraud scheme that involved the purchase of a luxury home in Hendersonville, Tennessee by an unqualified straw buyer. Fred and Pamela Holder caused the submission to mortgage lenders of false mortgage loan applications that overstated the straw buyer’s income and assets and falsely stated that the home would be the straw buyer’s primary residence. The indictment also alleges that the Holders used a portion of the resulting loan proceeds to purchase jewelry and other property.
If convicted, Fred and Pamela Holder each face up to 30 years in prison, a $1,000,000 fine, and forfeiture of real and personal property derived from the scheme to defraud. Any sentence following conviction will be imposed by the Court after consideration of the U.S. Sentencing Guidelines and applicable federal statutes.
“Given the current strain on the housing and mortgage industries, our office takes more seriously than ever, the prosecution of individuals and entities that defraud financial institutions,” United States Attorney Ed Yarbrough said. “Anyone submitting false or misleading information in loan applications or engaging in any other kind of mortgage fraud is on notice that the United States Attorney’s Office and other state and federal law enforcement agencies are focused on rooting out such illegal conduct.”
This case is being investigated by the Memphis Field office of the Federal Bureau of Investigation under the supervision of Special Agent in Charge, My Harrison. The United States is represented in the case by United States Department of Justice Trial Attorney Peter Frandsen and Assistant United States Attorney Eli Richardson.
The public is reminded that an indictment contains only charges and need not be supported by proof of guilt beyond a reasonable doubt. The defendants are presumed innocent and are entitled to a fair trial at which the United States has the burden of proving guilt beyond a reasonable doubt.
mortgage fraud
wow!
cheating has always been non-rewarding job. at the beginning you get, but then loose everything.... So as far as I see it… here is the same picture…
no good
regards
GH
Posted by on 07/17 at 04:53 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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