Jury Convicts Dallas County Man in Mortgage Fraud Scheme
|U.S. Attorney’s Office February 03, 2012|
PLANO, TX—A 45-year-old DeSoto, Texas man has been found guilty by a jury in a mortgage fraud scheme that involved homes in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Rodney Lavann Giles was convicted of conspiracy to commit bank fraud on Jan. 25, 2012, following a three-day trial before U.S. District Judge Richard Schell.
According to the indictment, from Aug. 8, 2005, to May 30, 2006, Giles, operating as RLG Properties, conspired to defraud Long Beach Mortgage Company by finding buyers for properties for amounts in excess of the sellers’ asking prices. To facilitate the fraud, Giles created false lease agreements, created false letters representing a buyer had agreed to move his business to the area, overstated the monthly income of buyers, and deposited funds in a buyer’s account to falsely represent the buyer had funds available to purchase a property. As a result of Giles’ scheme, buyers purchased property in Denton, Texas on Camelot Court for $450,000 and Yoakum Drive for $340,000. Both loans resulted in defaults and foreclosures.
Giles faces up to 30 years in federal prison. 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 the FBI, IRS-CI, HUD-OIG, and the Secret Service and prosecuted by Assistant U.S. Attorneys Christopher A. Eason and J. Andrew Williams.