Loan officer admits guilt in mortgage fraud case
September 22, 2009
Total Loss:
$2 million
A loan officer for a Charlotte mortgage company has agreed to plead guilty in a mortgage fraud operation involving seven pricey Mecklenburg and Union county neighborhoods. Joseph A. Woods, the eighth person identified so far by federal prosecutors in the scheme, "functioned as a promoter in the conspiracy," according to the criminal filing on Friday. Woods was a "loan officer and promoter for Mortgage Fraud Cell No. 2," according to the court documents, which did not identify the mortgage company where he worked. He also "controlled" a credit counseling company known both as Rights and Assoc. and Wrights and Assoc.Prosecutors have identified five mortgage fraud cells, operating in 2006 and 2007 in Mecklenburg and Union counties.
Source:
Charlotte Observer
Posted in:
Internal Fraud