Operation Stolen Dreams cases in the Western District of Virginia included:
Timothy Scott Brooks, 38, Lynchburg, Virginia, and Adam Nash Spruill, 32, Forest, Virginia, pleaded guilty in the United States District Court for the Western District of Virginia to one count of conspiracy to commit bank fraud, mail fraud, wire fraud, fraud by false statements on loan and credit applications and conspiracy to commit laundering of monetary instruments which caused loses of between $7 million and $20 million to various lending institutions.
United States Attorney Timothy J. Heaphy announced the regional results of the nationwide takedown, Operation Stolen Dreams, which targeted mortgage fraudsters in the Western District of Virginia and throughout the country.
The sweep was organized by President Obama’s interagency Financial Fraud Enforcement Task Force, which was established to lead an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. Starting on March 1, to date Operation Stolen Dreams has involved 1,215 criminal defendants nationwide, including 485 arrests, who are allegedly responsible for more than $2.3 billion in losses. Additionally, to date the operation has resulted in 191 civil enforcement actions which have resulted in the recovery of more than $147 million.
“Mortgage fraud ruins lives, destroys families and devastates whole communities, so attacking the problem from every possible direction is vital,” said Attorney General Holder. “We will use every tool available to investigate, prosecute, and prevent mortgage fraud, and we will not rest until anyone preying on vulnerable American homeowners is brought to justice.”
“The United States Attorney’s Office will continue to use every tool at its disposal to investigate and prosecute individuals who commit crimes that threaten our economy and the financial well-being of others,” said United States Attorney Timothy J. Heaphy. “The Department of Justice has made fighting back against financial fraud a national priority and here in the Western District of Virginia we are following that lead by doing everything we can to put an end to these devastating crimes.”
Unlike previous mortgage fraud sweeps, Operation Stolen Dreams focused not only on federal criminal cases, but also on civil enforcement, recovering money for victims and increasing cooperation with state and local partners. The President’s Financial Fraud Enforcement Task Force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. For more information on the task force, visit StopFraud.gov.
The United States Attorney’s Office was assisted in this investigation by the Internal Revenue Service and the Federal Bureau of Investigation.