Mary Ann Fulbright, 60, Dallas, Texas, pleaded guilty before U.S. District Judge David G. Larimer, to bank fraud. Fulbright obtained the mortgage in her parent’s name, knowing that it was based upon a fraudulent quitclaim deed. The charge carries a maximum penalty of 30 years in prison, a fine of $1,000,000 or both.
According to the plea agreement, Fulbright fraudulently obtained a Home Equity Conversion Loan, a type of reverse mortgage, on a Rochester home owned by her now-deceased parents, Stephanie and Michael Geremesz. Fulbright obtained the mortgage in Michael Geremesz‘s name, knowing that it was based upon a fraudulent quitclaim deed that falsely purported to relinquish all of Stephanie Geremesz‘s rights to the property.
As a result of the fraud, a mortgage in the amount of approximately $176,000 was levied against the property, the proceeds of which the defendant kept for herself.
Sentencing is scheduled for January 12, 2012, at 11 a.m. EST, in Rochester, N.Y., in front of Judge Larimer.
U.S. Attorney William J. Hochul, Jr. announced the guilty plea.
Assistant U.S. Attorney Marisa J. Miller, is handling the case.
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The 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.
The plea is the culmination of an investigation on the part of Special Agents of the United States Department of Housing and Urban Development – Office of the Inspector General, under the direction of Special Agent In Charge Rene Febles.