Metroplex Homebuilder Guilty in Mortgage Fraud Scheme
|U.S. Attorney’s Office November 08, 2012|
PLANO, TX—A 50-year-old Dallas man has pleaded guilty to federal charges in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Larry Reisman pleaded guilty to making a false statement in connection with an FHA insured home loan today before U.S. Magistrate Judge Don Bush.
According to information presented in court, Reisman, who operated Springfield Custom Homes, was involved in a widespread mortgage fraud scheme involving home buyers, recruiters, home builders, mortgage brokers, loan officers, and a title company employee. Reisman admitted that in order to enable home buyers to purchase a home from him, he secretly supplied the down payment funds to the home buyer so the home buyer could qualify for an FHA-insured mortgage loan and that he falsely represented to the FHA that he did not supply any of the buyer’s down payment funds. Reisman’s scheme resulted in losses to mortgage lenders, including The Federal National Mortgage Association (Fannie Mae) and The Federal Home Loan Mortgage Corporation (Freddie Mac). Reisman was indicted by a federal grand jury on May 9, 2012.
Others who have been convicted in connection with the alleged mortgage fraud schemes include Natasha Manley, 40, of Sherman Oaks, California; Quincy Harrington, 42, of Corinth, Texas; Julila Nicole Allen, 39, of Glenn Heights, Texas; Renetta Jones, 41, of Plano ,Texas; Davon Willis, 36, of Desoto, Texas; Sharetha Jackson, 43, of Desoto, Texas; Rodney Giles, 46, of Desoto, Texas; Edward Rogers, 43, of Midlothian, Texas; Shuante Brown, 42, of Grand Prairie, Texas; Kimoni Jackson, 35, of Desoto, Texas; M.D. Habibur Rahman, 53, of Garland, Texas; Keith Ezell, 47, of Cedar Hill, Texas; Willis McMurran, 38, of Middletown, Delaware; John Ruliffson, 32, of Plano, Texas; Kathy Moore, 48, of Broken Arrow, Oklahoma; Gay Griffin, 44, of Garland, Texas; Faye Hill, 59, of Mesquite, Texas; Yunus Mandli, 64, of Rockwall, Texas; and Robert Keaffaber, 52, of Granbury, Texas. One individual, Yvonne Gumaer, 66, of Galveston, Texas, is pending trial in February 2013.
Reisman faces up to five years in federal prison at sentencing and restitution of $1.5 million. A sentencing date has not been set.
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force.
President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch and, with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
This case is being investigated by HUD-Office of Inspector General, IRS-Criminal Investigation, Federal Bureau of Investigation, Federal Housing Finance Agency-Office of Inspector General, U.S. Secret Service, and U.S. Postal Inspection Service. The case is being prosecuted by Assistant U.S. Attorneys Andy Williams and Chris Eason.