Broker Gets 2 Years Behind Bars for Fraud Scheme

Allison Tussey —  January 13, 2012 — Leave a comment

Keith Davis, 39, Jacksonville, Florida, was sentenced by Chief U.S. District Judge Anne C. Conway to 2 years in federal prison for conspiracy to commit wire fraud.  As part of  sentence, the court also ordered him to pay $1,004,000.04 in restitution to the victims of his crime.  Davis previously pled guilty on July 6, 2011.

According to court documents, Davis, a mortgage broker and real estate marketer, owned and operated TLC Mortgage.  Davis used TLC mortgage to market condominium projects to buyers looking for investment properties.  To attract buyers to these projects, financial incentives were provided to buyers and masked on the HUD-1 to fraudulently obtain loans. 

From 2008 until February 2009, Davis used TLC to market condominiums to buyers, assist buyers in fraudulently obtaining loans in excess of the purchase price, and received kickbacks after closing. 

In total, Davis caused approximately $1,004,000.04 in loss to his victims.

U.S. Attorney Robert E. O’Neill announced the sentence.

This case was investigated by the Federal Bureau of Investigation and Florida Office of Financial Regulation.  It was prosecuted by Assistant United States Attorney Vincent A. Citro.

Allison Tussey

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