Man Sentenced To Prison for Mortgage Fraud

Stephanie Abbott —  June 22, 2018 — Leave a comment

Walter Woldt, 55, Crown Point, Indiana, was sentenced on his plea of guilty to conspiracy to commit mail fraud.

According to documents in this case, in 2006 and 2007 Woldt worked with Al Rodenburg, a mortgage broker based in Texas, to purchase 14 residential properties in Northwest Indiana in the span of 30 days with no money down. Defendants Rodenburg and Woldt worked out an arrangement where Woldt obtained mortgages that Rodenburg found for him on multiple properties beginning on January 3, 2007. They continued the process of closing on multiple properties roughly twice a week up through February 1, 2007. They knew that by closing on the properties so quickly mortgages Woldt obtained in early January 2007 would not hit his credit report for at least 30 days thereby depriving subsequent lenders, including lenders who purchased these mortgages in the secondary market, of material information they would want and need to know about Woldt’s debts for purposes of evaluating credit worthiness. Defendant Rodenburg did this for the commission he received on the mortgages Woldt obtained.  Defendant Rodenberg was sentenced on February 22, 2018 to a 14 month prison term, two years of supervised release and ordered to pay $1, 004,991 in restitution.

Woldt was sentenced to 14 months in prison followed by 24 months of home detention and ordered to pay $1,004,991 in restitution. He was ordered to report to the Bureau of Prisons (“BOP”) on August 3, 2018.

The announcement was made by U.S. Attorney Thomas L. Kirsch II.

This case was investigated by the FDIC-Office of Inspector General and was prosecuted by Assistant United States Attorney Diane Berkowitz.

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Stephanie Abbott

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