Tuesday, June 12, 2007

Oklahoma Real Estate Agent Sentenced In Cash Back At Closing Scheme

Theresa Ann Campbell aka Ann Campbell was sentenced to two months in prison followed by two years of supervised release and was ordered to pay restitution of $52,490 after pleading guilty to conspiracy to commit wire fraud arising from her involvement in an Oklahoma real estate transaction in which Campbell was the seller’s real estate agent.  The Judge considered Campbell‘s failing health as well as her involvement in community service in determining her sentence.

The restitution is payable to lenders People’s Choice, Argent and Long Beach Mortgage.

According to the information, Campbell personally profited from the sale of 5916 Morning Dove Lane, Edmond, Oklahoma, by falsifying the disbursements on the HUD-1 settlement statement.

The scheme involved an unnamed buyer’s agent that would present contracts for the purchase of real estate at inflated prices to Campbell and other agents.  At the closing, the HUD-1 would reflect inflated closing costs being paid by the Buyers. After closing, Campbell directed the closing funds to the seller, and received a commission.

In the sentencing memorandum filed by Campbell‘s attorneys, they state that she received a wire transfer of $3,632 from the sellers and provided it to the buyer’s agent, Brandon Baum, to offset the closing costs payable by the buyers on the HUD-1. She also acknowledged two other transactions within the Oak Tree Subdivision, Edmond, Oklahoma. Campbell objected to the presentencing report’s enhancement based upon abuse of a position of trust, arguing that while she did advise her clients, the sellers, to wire the funds, these were not the victims of the scheme, the lenders were. 

mortgage fraud