Home Oklahoma City Press Releases 2010 Broken Arrow Man Pleads Guilty in Wire Fraud Conspiracy
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Broken Arrow Man Pleads Guilty in Wire Fraud Conspiracy

U.S. Attorney’s Office February 22, 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, SR., a/k/a GERALD SNOW, age 68, 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 his son and others 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 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 in custody of the United States Marshal 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, predicts a term of 87-108 months’ imprisonment.

Assistant United States Attorney Chris Wilson represented the United States.

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