Sentence for False Lien Payoff from Mortgage Proceeds

Rachel Dollar —  December 1, 2016 — 2 Comments

Stevie McDonald, 42, Winter Haven, Florida, was sentenced to 15 months in federal prison for bank fraud related to his role in a mortgage fraud conspiracy. As part of his sentence, the Court ordered him to pay restitution to J.P. Morgan Chase Bank in the amount of $74,868.

According to court records, on November 10, 2007, McDonald entered into a contract to purchase a home in Port Richey, Florida. He then applied for a mortgage loan from Washington Mutual Bank. In the loan documents that he signed and submitted to the bank, McDonald made false statements about his income and employment. In December 2007, during the course of closing on the property purchase, Washington Mutual paid more than $35,000 to a woman McDonald knew and later married. This payment was purportedly a satisfaction of an existing lien on the sale property. Subsequent investigation revealed that no such lien existed. Washington Mutual Bank suffered a financial loss as a consequence of McDonald’s default on the loan.

This case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Jay L. Hoffer.

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Rachel Dollar

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2 responses to Sentence for False Lien Payoff from Mortgage Proceeds

  1. This man is innocent….he trusted the wrong people.

  2. So what happens when the mortgage brokers are filing false tax returns and income to the private lenders and no one does anything about it, That is what my mortgage broker did to me in California and my DA in Santa Barbara said no one cares. Statues must be expired.

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