Woman Charged with Falsifying Loan Documents

Allison Tussey —  October 29, 2012 — Leave a comment

Audrey Yeboah has been charged with allegedly executing a scheme to defraud mortgage lenders by means of material false and fraudulent pretenses, representations, and promises, and the concealment of material facts.

According to court documents, beginning in or about May 2007, and continuing through September 2008, Yeboah, loan broker Mary Armstrong and others would defraud mortgage lenders by inducing them to fun loans for the purchase of real estate by straw buyers at inflated prices based on the submission of material false information on loan applications, and arrange for the difference between the increased purchase price and the sellers’ true asking price to be secretly diverted back accounts controlled by Armstrong and others.

Yeboah would create false and fraudulent employment and income records, including pay stubs, Forms W-2, and letters claiming review of income tax returns (“CPA letters”), showing fictitious employment and income by the straw buyers at sham companies which were in fact controlled by Armstrong and others., knowing that those records were false, that the records were submitted to mortgage lenders, and that the misrepresentations were material to the lenders’ decision to fund mortgage loans.

Yeboah would general false and fraudulent income statements and balance sheets purporting to show income and assets held by sham companies controlled by Armstrong and others.

Yeboah would review HUD-1 Settlement Statements in Armstrong‘s possession , which revealed that Armstrong received at least approximately $14 million in kickbacks from the purchase of approximately $100 million in real estate by straw buyers during the pendency of this scheme. Yeboah recorded these kickbacks as gross receipts of $14,530,550 for tax year 2007 on draft corporation income tax returns of one of the mortgage brokerage businesses Armstrong controlled.

Allison Tussey

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