Robert Wilfred Stanley, 35, Katy, Texas, has been convicted of conspiring to commit mail fraud and wire fraud as part of a scheme to defraud residential mortgage lenders and money laundering conspiracy.
As previously reported by Mortgage Fraud Blog, Stanley was charged in a six-defendant indictment now pending trial before U.S. District Judge Keith Ellison. This mortgage fraud scheme involved the recruitment of individuals to purchase residential properties at or near 100% financing using their good credit. The borrowers were paid from the loan proceeds for their participation in the acquisition of the property and loan officers at mortgage brokerage offices were utilized to furnish false and fraudulent information to the lenders. It was part of the scheme that loan proceeds would be disbursed to one or more of the conspirators through checks or wire transfers from the title company to a bank account established in an assumed name.
Stanley participated in the scheme as a borrower, a recruiter of borrowers and a loan originator at Consumer Direct Mortgage. Each loan was obtained using false and fraudulent information and the residential loans obtained by Stanley during the scheme eventually fell into default.
Sentencing is scheduled for June 25, 2009, at 10:30 a.m.
Acting United States Attorney Tim Johnson made the announcement. The investigation leading to the charges was conducted by the FBI, Department of Housing and Urban Development – Office of Inspector General and the Internal Revenue Service – Criminal Investigations. The case is being prosecuted by Assistant U.S. Attorney Melissa Annis.