Atlanta Advance Fee Loan Fraud Suspect Pleads Guilty to Wire Fraud
July 26, 2010
Total Loss:
$315,000
A 59-year-old Atlanta man, Kenneth Lane Milstead, has pled guilty to one count of Wire Fraud, for obtaining $315,080.25 through an "advance fee†scheme in which he promised – but never made – loans to potential borrowers across the United States, from 2005 to 2008. In a search warrant at the time of arrest, of a storage facility connected with Milstead's residence in Atlanta, the FBI recovered a file, meticulously organized, containing materials relevant to all of the fraudulent loan transactions.
Source:
LoanSafe.org
Posted in:
Collusive Networks