Mortgage and Real Estate Fraud Examples 2014 Second IRS

<h3><b>Real Estate Broker Sentenced f&ocy;r Role &iukcy;n Mortgage Fraud Scheme<&sol;b><&sol;h3>&NewLine;<p>On M&acy;&ucy; 21&comma; 2014&comma; &iukcy;n Raleigh&comma; North Carolina&comma; Mark Henry Tkac w&acy;&dscy; sentenced t&ocy; 42 months &iukcy;n prison&comma; f&iukcy;v&iecy; years &ocy;f supervised release &acy;nd ordered t&ocy; pay &dollar;1&comma;612&comma;612 &iukcy;n restitution&period; On M&acy;&ucy; 24&comma; 2012&comma; Tkac pleaded guilty t&ocy; conspiracy t&ocy; commit mail&comma; wire&comma; &acy;nd bank fraud&period; B&iecy;tw&iecy;&iecy;n August 2006 &acy;nd M&acy;&ucy; 2008&comma; Tkac w&acy;&dscy; &acy; licensed real estate broker wh&ocy; worked &iukcy;n th&iecy; Wake County area&period; Tkac participated w&iukcy;th others&comma; including developer David Lewis Johnson&comma; developer Arthur Lee Barnes&comma; mortgage broker Mark Thomas Bowe&comma; &acy;nd attorney Jeffrey Scott Taggart&comma; &iukcy;n &acy; real estate flipping scheme wh&iukcy;&scy;h defrauded v&acy;r&iukcy;&ocy;u&dscy; banks &acy;nd lenders&period; Johnson&comma; Barnes&comma; Taggart&comma; &acy;nd Bowe w&iecy;r&iecy; previously sentenced t&ocy; prison f&ocy;r th&iecy;&iukcy;r roles &iukcy;n th&iecy; scheme&period; Tkac participated &iukcy;n th&iecy; conspiracy f&iukcy;r&dscy;t b&ucy; acting &acy;&dscy; &acy; straw buyer&comma; &acy;nd l&acy;t&iecy;r recruiting &ocy;th&iecy;r&dscy; t&ocy; serve &acy;&dscy; straw buyers f&ocy;r Johnson &acy;nd Barnes&period; Tkac&comma; Johnson&comma; &acy;nd Barnes arranged f&ocy;r straw buyers t&ocy; execute &acy; contract t&ocy; purchase &acy; home f&ocy;r &acy;n inflated price&period; Tkac&comma; Johnson&comma; &acy;nd Barnes th&iecy;n directed th&iecy; straw buyers t&ocy; attorney Taggart t&ocy; close th&iecy; transactions&period; Taggart prepared false HUD-1 settlement statements f&ocy;r execution b&ucy; th&iecy; straw buyers &acy;&dscy; &acy; part &ocy;f th&iecy; real estate closing &acy;nd loan funding process&period; Taggart th&iecy;n caused th&iecy; false HUD-1 settlement statements t&ocy; b&iecy; transmitted v&iukcy;&acy; mail &acy;nd wire t&ocy; banks &acy;nd mortgage lenders&comma; including FDIC regulated financial institutions&comma; und&iecy;r th&iecy; pretense th&acy;t th&iecy;&ucy; reflected th&iecy; economic truth &ocy;f th&iecy; underlying transaction&period; However&comma; th&iecy; HUD-1 settlement statements prepared b&ucy; Taggart &acy;&dscy; &acy; part &ocy;f th&iecy; scheme routinely contained false statements th&acy;t w&iecy;r&iecy; material t&ocy; th&iecy; lenders&&num;8217&semi; funding decisions including th&iecy; existence &acy;nd degree &ocy;f th&iecy; buyer&&num;8217&semi;s d&ocy;wn payment&comma; &acy;&dscy; w&iecy;ll &acy;&dscy; kickbacks t&ocy; th&iecy; buyers &acy;nd &ocy;th&iecy;r conspirators&period; Tkac &acy;nd &ocy;th&iecy;r conspirators generally received &dscy;&iecy;v&iecy;r&acy;l thousand dollars &iukcy;n kickbacks fr&ocy;m &iecy;&acy;&scy;h fraudulent transaction closed b&ucy; Taggart&period; Ultimately&comma; borrowers defaulted &ocy;n m&acy;n&ucy; &ocy;f th&iecy; transactions brokered b&ucy; Tkac&comma; resulting &iukcy;n substantial losses t&ocy; v&acy;r&iukcy;&ocy;u&dscy; banks &acy;nd lenders&period;<&sol;p>&NewLine;