Mortgage Fraud Conspirator Sentenced
| U.S. Attorney’s Office February 25, 2009 |
RALEIGH—United States Attorney George E.B. Holding announced that in federal court here yesterday United States District Judge James C. Dever, III, sentenced WILLIAM MONTELLE LOYD, III, 56, of Raleigh, North Carolina, to 84 months’ imprisonment followed by three years of supervised release for conspiring to commit mail fraud, wire fraud, and aggravated identity theft. The Court imposed restitution in the amount of $1,264,893.12.
A Federal Grand Jury returned a Criminal Indictment on June 4, 2008. From November, 2002, through December, 2006, LOYD, entered into a conspiracy with Elizabeth W. Clement and Kelly Anne Spaulding to obtain 16 loans from E—Loan worth approximately $2.6 million by submitting false documentation regarding employment, salary, appraisals, and tax information during the course of securing the loans.
The investigation revealed that LOYD utilized his father’s and his brother’s identities and social security numbers to obtain loans in their names without their authorization or knowledge.
Mr. Holding stated: “Mortgage fraud of this magnitude, as committed by the defendant and his co—conspirators, cripples the very foundation of our financial system and endangers the ability of honest people to obtain or maintain the “American Dream” – that of owning a home.”
Investigation of the case was conducted by the Federal Bureau of Investigation. Assistant United States Attorney Felice McConnell Corpening served as prosecutor for the government.