Collin County Man Sentenced for Mortgage Fraud Scheme
PLANO, Texas – A 50-year-old Plano, Texas man has been sentenced to federal prison for violations in the Eastern District of Texas, announced U.S. Attorney Joseph D. Brown today.
James Gerard Temme pleaded guilty on Oct. 11, 2017, to wire fraud and was sentenced to 78 months in federal prison on Oct. 16, 2018 by U.S. District Judge Marcia A. Crone. Temme was also ordered to pay restitution in the amount of $2,933,667.48.
According to information presented in court, in 2011, Temme engaged in wire fraud by inducing individuals to invest in a package of mortgages, misrepresenting that he had the ability to sell the package to the investors. Temme provided a forged signature to induce the investment, eventually receiving over $3 million from the investors, when in fact he never actually sold the package of mortgages to the investors. Temme was indicted by a federal grand jury on Sep. 21, 2016 and charged with federal violations.
“White collar theft often hurts victims just as much as thefts that happen with a gun,” said U.S. Attorney Joseph D. Brown. “This was a lot of money. I am proud of the FBI investigators for pursuing it aggressively, and a prison sentence was wholly justified in this case.”
“Mr. Temme, knowingly acted in an unscrupulous and reckless manner to entice many innocent people into making investments that were unsound,” said Eric K. Jackson, FBI Special Agent in Charge of the Dallas Division. “Economic fraud is becoming common place, but we will continue to target the offenders and bring the appropriate charges, while protecting the citizens’ rights to fair and trustworthy services.”
This case was investigated by the Federal Bureau of Investigation and prosecuted by the U.S. Attorney’s Office for the Eastern District of Texas.