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Feb. 5, 2010

JURY CONVICTS TWO IN MULTI-MILLION DOLLAR MORTGAGE FRAUD SCHEME

(HOUSTON) – A federal jury found David Vasser, 61, a Houston area resident, and Shirely Adger, 52, a Dallas area resident, guilty of wire fraud and conspiracy to commit wire and mail fraud. Vasser was also convicted of  conspiracy to commit money laundering and two counts of engaging in a monetary transaction in criminally derived property. The verdicts were returned today in United States District Judge Nancy Atlas’ court this afternoon. Trial began on Jan. 22, 2010.

Adger was a loan processer at Motown Mortgage Group in 2004 and Central Capital Financial Group from late 2004 into 2007 when she participated in the submission of fraudulent loan applications and packages to residential mortgage lenders across of the country. Vasser was involved in obtaining various mortgage loans at Motown Mortgage Group in 2003 and 20004. In addition, Vasser falsely verified to mortgage lenders that various other individuals, who were also applying for mortgage loans, were employed by his trucking company, Rising Star. The scheme was alleged to have involved more than $17 million in fraudulently obtained loans.

Judge Atlas has set sentencing for April 26, 2010. The possible term of imprisonment for the conspiracy and wire fraud convictions is 20 years plus a $250,000 fine and restitution. The money laundering conspiracy conviction and engaging in a monetary transaction in criminally derived property convictions also carry a maximum term of imprisonment of 10 years as well as a fine of $250,000.

The court has permitted both defendants to remain on bond pending their sentencing hearing.

The investigation which led to the conviction was conducted by the FBI and the Internal Revenue Service Criminal Investigation Division. Assistant United States Attorneys Melissa Annis  and Kristine Rollinson tried the case.

 

 

 

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