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Former real estate agent goes to federal prison for arranging sham mortgage

Vickie Lind is also ordered to pay $70,000 in restitution to a bank.

June 19, 2012|edited news release from the U.S. Attorney's Office, Western District of Missouri

SPRINGFIELD, Mo. -- A real estate agent from Branson received an 18-month federal prison sentence this week for a $391,519 mortgage fraud scheme.   U.S. District Judge Richard Dorr also ordered Vickie Lind, 48, to pay $70,426 in restitution.

Last Oct. 28, Lind pleaded guilty to participating in a wire fraud conspiracy and a money laundering conspiracy from Aug. 1 to Oct. 3, 2005.  In addition to the two conspiracies, Lind pleaded guilty to one count of wire fraud and one count of money laundering.

Lind, a realtor who did business as My Realty Company, defrauded First Magnus Financial Corporation in Overland Park, Kan., by submitting fraudulent documentation in order to obtain $391,519 in mortgage loans for a home in Ozark.

In order to obtain the loans, Lind provided false documentation that an individual was leasing the property for $3,500 per month.  First Magnus Financial Corporation approved the buyer’s loan application on the strength of the $3,500 per month lease agreement.  First Magnus would not have approved the loan application without this lease agreement, because the buyer’s debt-to-income ratio was too high.

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Without the lender’s knowledge, Lind obtained $70,000 from the loan proceeds, while the seller of the property only received approximately $310,000.  Lind submitted fraudulent invoices for work allegedly performed by two companies, Elite Home Alliance and Gold Pointe Homes.  

In reality, neither company performed any work to justify these payments.  Elite Home Alliance, Lind’s own company, received $25,000, which Lind used for her own benefit.  Gold Pointe Homes received $45,000, which was used to repay a loan made by a friend in Arizona to the buyer, which allowed Lind to live in the residence rent free, until it could be sold for a profit.  Lind also received the real estate commissions on the sale of the home.

Lind declared bankruptcy in October 2005. The buyer could not make the monthly mortgage payments, nor could he sell the residence, and the property went into foreclosure. As a result, First Magnus Financial Corporation lost $70,426.

This case was investigated by IRS and the FBI.

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