Conspirator Sentenced to Prison for $1.5 Million in Mortgage Fraud Losses
Federal Information & News Dispatch, Inc. |
Conspirator Sentenced to Prison for
Five Co-Conspirators Have Pleaded Guilty
District of Maryland (410) 209-4800
The sentence was announced by
According to his plea agreement and court documents, in 2008 and 2009, Peete agreed to participate in several fraudulent real estate transactions that settled at
Peete and his coconspirators deceived buyers, sellers and lenders to make it appear to sellers that they were selling their property at a low price, and to buyers and lenders that the property was being sold at a higher price. The co-conspirators created paperwork for two different sales of the property at the same time. The first sale was fraudulent because it was backdated, the buyer planned to immediately flip the property in a subsequent sale and the settlement statement listed a fake loan. In the second sale, the sales price was significantly increased and the settlement statement showed a large sum being disbursed to the lender to pay off an existing lien. In fact, those funds were improperly disbursed to the co-conspirators.
Peete admitted that his participation in the schemes involved at least 10 victims, including lenders, sellers and buyers of real estate, title insurance companies and lien holders. He further agreed that the reasonably foreseeable loss associated with Peete's conduct is approximately
Today's announcement is part of efforts underway by
This content has been reproduced from its original source (http://www.justice.gov/usao/md/).
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