Loan Fraud Scheme Indictment in Florida

Rachel Dollar —  April 5, 2016 — Leave a comment

Stevie McDonald, 41, Winter Haven, Florida was indicted and charged with multiple counts of bank fraud and a conspiracy to commit bank fraud.

According to the indictment, McDonald participated in a conspiracy to defraud federally insured financial institutions in connection with multiple residential mortgage loans made by JP Morgan Chase Bank and Washington Mutual Bank. Along with others, McDonald was involved in the submission of false and fraudulent information to the lenders, which induced the lenders to make the mortgage loans. Subsequently, the recipients of these loans defaulted on those mortgages and the banks sustained losses of approximately $509,221.

If convicted on all counts, he faces a maximum penalty of 30 years in federal prison for each count. The indictment also notifies the defendant that the United States is seeking a money judgment in the amount of $509,221, the approximate loss amount that the financial institutions sustained in this case.

The unsealing of the indictment was announced by United States Attorney A. Lee Bentley, III.  The case was investigated by the Federal Bureau of Investigation. It will be prosecuted by Assistant United States Attorney Jay L. Hoffer.

Rachel Dollar

Posts Google+

No Comments

Be the first to start the conversation.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>