March 26, 2008
TORRENCE JAMES SENTENCED TO SERVE OVER TWELVE YEARS IN FEDERAL PRISON FOR MORTGAGE FRAUD
DENVER – Troy A. Eid, United States Attorney for the District of Colorado, Terry L. Stuart, Special Agent in Charge, IRS Criminal Investigation Division, and Ron Perea, Special Agent in Charge of the U.S. Secret Service’s Denver Office, announced that TORRENCE JAMES, age 44, of Centennial, Colorado, was sentenced to serve 151 months (over 12 years) in federal prison for mortgage fraud. JAMES was sentenced by Chief U.S. District Court Judge Edward W. Nottingham.
TORRENCE JAMES was indicted by a federal grand jury in Denver on August 22, 2006. He pled guilty on January 10, 2007 to wire fraud and money laundering charges related to mortgage fraud. He was sentenced on March 26, 2008.
According to the stipulated facts in JAMES’ plea agreement, from August 10, 2004 through May 4, 2006, the defendant, along with others, including co-defendant RONALD FONTENOT, participated in and conducted a scheme to obtain loan proceeds from lenders using false statements and representations to such lenders in connection with the purchase and sale of real estate. It was the object of the scheme to acquire, control, and profit from residential real properties by fraudulently securing real estate purchases, typically through the use of straw purchases.
The Court found that JAMES and FONTENOT were the “organizers” of the scheme, which resulted in a loss to lenders totaling approximately $3,700,000. On certain properties, the defendant was also found to have assisted in arranging for the respective borrower to secure and use a stolen identity to purchase the home.
“Mortgage fraud adds to the underground economy that erodes the integrity of our tax system and threatens the financial health of our communities,” said Terry L. Stuart, Special Agent in Charge, IRS Criminal Investigation, Denver Field Office.
“Our investigative efforts will always support these types of investigations,” said Ronald Perea, Special Agent in Charge of the U.S. Secret Service’s Denver Office.
JAMES was one of seven defendants charged as part of this mortgage fraud scheme. NICOLE PULLER was sentenced to serve 34 months in federal prison. GLENN PULLER was sentenced to serve 12 months in prison. TALITA JAMES was sentenced to serve 24 months in federal prison. TAIWAN LEE was sentenced to serve 30 months in federal prison, CINDY INGRAM was sentenced to serve 28 months in prison. RONALD FONTENOT was sentenced to serve 72 months in federal prison.
This case was investigated by the IRS Criminal Investigation Division, the U.S. Secret Service, and the Aurora Police Department. The case was prosecuted by Assistant U.S. Attorneys Tim Neff and Ken Harmon.
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