Middletown Man Sentenced to Two Years in Mortgage Fraud Scheme
WILMINGTON, Del. - Charles M. Oberly, III, United States Attorney for the District of Delaware, announced today that Ronald Tate, 42, of Middletown, Delaware had been sentenced by Chief Judge Gregory M. Sleet to a two year term of prison.
In June 2011, Tate pled guilty to a two-count Felony Information, charging him with one count each of mail fraud and wire fraud. In early 2008, with the assistance of others, Tate submitted a fraudulent mortgage application to fund the purchase of a home valued at almost $1 million in North Wilmington. The application included false information about Tate’s employment and income, as well as a false verification of funds on deposit. The following year, between May and September of 2009, Tate cashed six different checks totaling more than $240,000, obtained from credit unions around the country. Each of these checks had been obtained on the false premise that it was a loan to be used to fund the purchase of a car, when, in fact, the funds were used for other purposes and no payments were made on the associated loans.
United States Attorney Charles M. Oberly, III, stated,“Today’s sentencing highlights the serious nature of the crimes committed by Mr. Tate and demonstrates that abuses of the financial system cannot and will not be tolerated. The United States Attorney’s Office, working with federal and state law enforcement partners, remains firmly committed to the aggressive pursuit of individuals and entities who compromise the integrity of the financial system through the commission of fraud.”