Jeffrey Russell Huldtquist, 47, Hoover, Alabama and William Crawford Kellum, 52, Homewood, Alabama have been indicted on charges they defrauded a bank by presenting false statements in order to obtain mortgage loans.
According to the indictment, Huldtquist and Kellum engaged in a scheme, between May and September of 2007, to defraud Washington Mutual Bank of mortgage-loan funds. The indictment charges that the men submitted false documents in support of four mortgages that Huldtquist secured to fund his purchase of four properties from Kellum.
The indictment charges the pair with four counts of bank fraud and four counts of making false statements to a bank. The indictment also charges Huldquist, individually, with four other false-statement counts.
If convicted, Huldtquist and Kellum each face a maximum sentence of 30 years in prison and a $1 million fine for each count. The announcement was made by U.S. Attorney Joyce White Vance and FBI Special Agent in Charge Patrick Maley.
The FBI investigated the case, which Assistant U.S. Attorney Melissa K. Atwood is prosecuting.
Members of the public are reminded that an indictment contains only charges. A defendant is presumed innocent of the charges and it will be the government’s burden to prove a defendant’s guilt beyond a reasonable doubt at trial.