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Dallas Man Sentenced for Bank Fraud
SHERMAN, Texas – A 51-year-old Dallas real estate recruiter has been sentenced to federal prison for bank fraud violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Marcus Dewane Carr pleaded guilty on Feb. 13, 2014 to conspiracy to commit bank fraud and was sentenced to 30 months in federal prison today by U.S. District Judge Marcia Crone.
According to information presented in court, from July 2008 to August 2010, Carr conspired with others to defraud Wells Fargo Bank and Flagstar Bank by inflating the purchase price of residential properties in Dallas and requiring buyers to secure mortgage loans for the fraudulent amount. Excess loan funds were then used to pay kickbacks to Carr, who recruited buyers, and others for arranging the sale of the properties.
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 was investigated by the HUD-OIG and Federal Home Finance Agency-OIG and prosecuted by Assistant U.S. Attorney J. Andrew Williams.