St. Louis Man Convicted Of Fraud Charges
St. Louis, MO - Jay Dunlap was convicted of defrauding his ex-partners and banks and other lenders in an equity-stripping scheme.
According to testimony presented at trial, Dunlap convinced a partner to put up more than $270,000 to acquire and rehabilitate a property in the City of St. Louis. Unbeknownst to the ex-partner, Dunlap titled the property in the name of an LLC controlled by two of his friends. Dunlap then directed his friends to borrow against the equity in the home and used the proceeds to pay his expenses and those of his friends.
JAY DUNLAP, St. Louis, was convicted of three felony counts of wire fraud, one felony count of bank fraud and one felony count of mail fraud after a four-day trial before United States District Judge E. Richard Webber. Sentencing has been set for July 19, 2013.
He now faces a maximum penalty of 20 years in prison and/or fines up to $250,000, per count. Restitution is also mandatory. In determining the actual sentences, a Judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
The case was investigated by the U.S. Postal Inspection Service and the Federal Housing Finance Agency-Office of Inspector General. Assistant United States Attorneys Tom Albus and Dianna Collins prosecuted the case for the U.S. Attorney's Office.