Robert C. Culp, 43, New Carlisle, Indiana, a police officer, was charged in May 2008, with one count of bank fraud. Culp simultaneously pled guilty to the charge. He was sentenced on March 13, 2009, to a term of 54 months imprisonment to be followed by a 3 year supervised release term, with conditions; Culp is to pay a $100 special assessment due immediately and was ordered to pay restitution in the sum of $1,194,000, together with interest, due immediately. Culp must begin serving the sentence not later than 9am on April 24, 2009, he remains on release.
The Criminal Information charged Culp with devising and executing a scheme to defraud mortgage lenders and to obtain moneys, funds, credits, and other property owned by or under the custody or control of mortgage lenders by fraudulent pretenses and representations. The Information charges that Culp purchased inexpensive homes, frequently in need of substantial repair and renovation, and then arranged to sell these properties at inflated amounts to persons who obtained mortgage loans based upon falsified mortgage loan applications. Culp faces maximum penalties of up to 30 years imprisonment and a $1,000,000 fine if convicted.
These charges were filed as the result of an investigation by the Federal Bureau of Investigation. This case was prosecuted by Assistant United States Attorney Donald J. Schmid.
The specific sentence in each case to be imposed upon conviction is determined by the judge after a consideration of federal sentencing statutes and the United States Sentencing Guidelines.