Real Estate Investor Sentenced in Mortgage Fraud Scheme
Memphis, TN – A Memphis real estate investor has been sentenced to 30 months in federal prison for his role in a scheme to fraudulently obtain mortgage loans. Lawrence J. Laurenzi, Acting U.S. Attorney, announced the sentence today.
An indictment returned last September by a federal grand jury alleged Thomas L. Boyd, 44, the owner of Wonderful Properties, LLC, made false statements and presented false documents to Regions Bank, First Tennesse Bank, Bank of America and Oak Tree Funding on behalf of persons who were financing the purchase of properties from Boyd and Wonderful Properties.
Boyd pled guilty in May to a charge of bank fraud and admitted at his plea hearing to making false statements to Regions Bank in connection with a mortgage loan being made to an individual who was financing the purchase of a property from Boyd.
In imposing the sentence yesterday, U.S. District Judge Sheryl H. Lipman also ordered Boyd to pay total restitution in the amount of $383,375.43 and to serve a 3-year term of supervised release following his release from prison.
The case was investigated by the FBI; Federal Housing Finance Agency (FHFA) – OIG; Department of Housing and Urban Development (HUD); Postal Inspection Service and IRS. Assistant U.S. Attorneys Carroll L. Andre III and Lorraine Craig prosecuted this case on the government’s behalf.