Home Oklahoma City Press Releases 2010 Broken Arrow Man Pleads Guilty to Wire Fraud Charges
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Broken Arrow Man Pleads Guilty to Wire Fraud Charges

U.S. Attorney’s Office April 07, 2010
  • Eastern District of Oklahoma (918) 684-5100

MUSKOGEE, OK—Sheldon J. Sperling, United States Attorney for the Eastern District of Oklahoma, announced today that GERALD WAYNE SNOW, JR., a/k/a JERRY SNOW, age 41, of Broken Arrow, Oklahoma, pled guilty to conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349 and five counts of wire fraud, in violation of Title 18, United States Code, Section 1343. The superseding indictment also contained a criminal forfeiture of $4,878,743.87.

Charges arose from an investigation by the Federal Bureau of Investigation. The superseding indictment, filed in February 2010, alleged that GERALD SNOW and his son, JERRY SNOW, built and sold houses in the Jordan Oaks and Megan Farms subdivisions of Wagoner County. GERALD SNOW conspired with JERRY SNOW, AYO DINEJI OLANIYAN and GAILE DIANA CATES to defraud mortgage lenders to loan money on homes sold by the SNOWs.

The defendants solicited and induced buyers by promising to pay down payments, closing costs, and provide cash back to the buyers after closing. In order to get the mortgage lenders to loan funds, the defendants conspired to submit false loan applications, falsely reported the source of down payments and closing costs, inflated the purchase prices of the homes, and concealed the cash back payments to buyers. The co-defendants previously pled guilty in February 2010.

The Honorable Kimberly E. West, Magistrate Judge in the United States District Court for the Eastern District of Oklahoma, in Muskogee, accepted the defendant’s guilty pleas and ordered the completion of a presentence report. Sentencing will be scheduled following its completion. The defendant remains on bond pending sentencing.

The statutory range of punishment is not more than 20 years’ imprisonment and/or up to $250,000.00 in fines on each count. A preliminary calculation of the sentencing guidelines, projects a term of 51-63 months’ imprisonment.

Assistant United States Attorney Chris Wilson and First Assistant United States Attorney Doug Horn represented the United States.

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.

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