Charles R. Engle, 48, Greensboro, N.C., was sentenced to one year and nine months in prison on fraud charges in connection with a mortgage fraud scheme on the Eastern Shore, Virginia. Engle was previously convicted by a Norfolk, Virginia, federal jury on 12 counts of bank, wire and mail fraud on October 6, 2010. Engle was sentenced by United States District Judge Jerome B. Friedman.
According to the evidence at trial, Engle falsified his income on various mortgage loan applications to purchase two properties in Cape Charles, Virginia. Engle also submitted letters from friends verifying falsely his income and employment to qualify for these loans. Based upon these fraudulent loan applications, Engle was able to secure mortgages valued at over $1 million. Engle was then able to withdraw over $140,000 in equity from these properties that he used to pay his bills. Ultimately, Engle stopped making the payments on the properties and they were foreclosed upon. In total, the various financial institutions suffered losses exceeding $260,000.
Neil H. MacBride, United States Attorney for the Eastern District of Virginia, made the announcement.
This case was investigated by the Charlotte field office of the Internal Revenue Service. Assistant United States Attorney Joseph Kosky prosecuted the case on behalf of the United States.