Real Estate Investor Charged in 14-Count Indictment Alleging Bank and Mail Fraud, Money Laundering
Memphis, TN – A real estate investor has been charged in a 14-count indictment that alleges he defrauded three banks and a mortgage lending business. Edward L. Stanton III, U.S. Attorney for the Western District of Tennessee, announced the indictment today.
According to the indictment, Thomas L. Boyd, 43, of Memphis, Tennessee, owned a real estate agency, Wonderful Properties, LLC. Between April 2006 and September 2014, Boyd, aided and abetted by others, allegedly engaged in a scheme to defraud Regions Bank, Bank of America, First Tennessee Bank, and Oak Tree Funding.
Boyd allegedly made false statements in connection with mortgage loan applications for persons who were financing the purchase of properties from his company. In many instances, the defendant failed to disclose to lenders on HUD-1 settlement sheets that he was paying a portion of the loan proceeds to the borrowers.
Boyd's alleged scheme caused the lenders to disburse approximately $653,000 in loan proceeds.
On Thursday, September 22, Boyd was arrested and had his initial appearance in federal court before U.S. Magistrate Judge Tu M. Pham.
Boyd is being charged with eight counts of bank fraud, two counts of mail fraud, and four counts of money laundering. Each count of bank fraud carries a penalty of up to 30 years in federal prison and a fine of up to $1 million; each count of mail fraud carries a penalty of up to 20 years and a fine of up to $250,000; and each count of money laundering carries a penalty of up to 10 years and a fine of up to $250,000.
This case is being investigated by the Federal Bureau of Investigation; Federal Housing Finance Agency - Office of Inspector General; Department of Housing and Urban Development - Office of Inspector General; U.S. Postal Inspection Service; and IRS-Criminal Investigation.
Assistant U.S. Attorney Carroll L. Andre III is prosecuting this case on the government’s behalf.
The charges and allegations in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.