Grand Jury Indictment Alleges Illegal Flipping Scheme

Allison Tussey —  January 19, 2012 — Leave a comment

Curtis Antonio Sherfield, 39, Edmond, Oklahoma, has ben indicted and charged with four counts of wire fraud in connection with a real estate flipping scheme. 

According to the indictment, Sherfield purchased properties for resale after renovation (commonly referred to as “flipping”).  It is alleged that after owning the houses for a period of months, Sherfield would create fictitious sales of the homes to his stepfather and mother without their participation and knowledge.

Specifically, it is alleged that from May 2005 through September 2007, Sherfield obtained mortgages in the names of his stepfather and mother without a written power of attorney or their permission, and signed numerous false loan applications, documents supporting the applications, and closing documents in the names of his stepfather and/or mother, knowing that the information was false or fraudulent.

It is also alleged that Sherfield caused lenders to wire funds representing proceeds on those fraudulent loans made in the names of his stepfather and mother to the closing company.  In sum, it is alleged that the scheme involved the sale of approximately 20 properties with proceeds in excess of $850,000.00. The object of the scheme, according to the indictment, was for Sherfield to obtain the mortgages in order to personally profit from the sales.

If convicted, Sherfield faces up to 20 years in prison and a fine of $250,000, plus mandatory restitution, on each of the four counts of wire fraud. 

Sanford C. Coats, United States Attorney for the Western District of Oklahoma, announced the indictment.

These charges are the result of an investigation conducted by the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney Susan Dickerson Cox.

The public is reminded that an indictment is only a charge and is not evidence of guilt.  The defendant is presumed innocent and are entitled to a fair trial, at which the government must prove guilt beyond a reasonable doubt. Reference is made to the indictment for further information.

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Allison Tussey

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