Greensboro Man Convicted of Mortgage Fraud Scheme
NORFOLK, Va. – Charles R. Engle, 48, of Greensboro, N.C., was found guilty late yesterday by a Norfolk federal jury of engaging in a mortgage fraud scheme.
Neil H. MacBride, United States Attorney for the Eastern District of Virginia, made the announcement this morning.
Engle was convicted of twelve counts of bank, wire and mail fraud and faces a maximum term of 30 years in prison on per count when he is sentenced by United States District Judge Jerome B. Friedman on January 10, 2011.
“Charles Engle hatched a scheme to defraud financial institutions to finance his lifestyle,” said U.S. Attorney MacBride. “This verdict shows that a person simply cannot manipulate the mortgage industry for their own selfish ends.”
According to the evidence at trial, Engle falsified his income on various mortgage loan applications to purchase two properties in Cape Charles, Va. Engle also submitted letters from friends verifying falsely his income and employment to qualify for these loans. Based upon these fraudulent loan applications, Engle was able to secure mortgages valued at over $1 million. Engle was then able to withdraw over $140,000 in equity from these properties that he used to pay his bills and help finance a movie project in Africa. Ultimately, Engle stopped making payments on the properties and they were foreclosed upon. In total, the various financial institutions suffered losses exceeding $400,000.
This case was investigated by the Charlotte field office of the Internal Revenue Service. Assistant United States Attorney Joseph Kosky is prosecuting the case on behalf of the United States.A copy of this press release may be found on the website of the United States Attorney's Office for the Eastern District of Virginia at http://www.usdoj.gov/usao/vae. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia at http://www.vaed.uscourts.gov or on http://pacer.uspci.uscourts.gov.