Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWapartments | NWsource | Classifieds | seattletimes.com

Saturday, July 12, 2008 - Page updated at 12:00 AM

E-mail article     Print view      Share:    Digg     Newsvine

Ex-loan officer, assistant indicted in Bellevue mortgage scam

A former loan officer at a Bellevue mortgage company and his assistant have been indicted on charges of conspiracy and wire fraud in a scheme that prosecutors say involved using straw buyers to purchase dozens of homes at inflated prices and siphoning off the extra cash for their own use.

Seattle Times staff reporter

A former loan officer at a Bellevue mortgage company and his assistant have been indicted on charges of conspiracy and wire fraud in a scheme that prosecutors say involved using straw buyers to purchase dozens of homes at inflated prices and siphoning off the extra cash for their own use.

Christopher Brooks and Amani Moss allegedly obtained more than $27 million in fraudulent loans for the purchase of at least 54 homes beginning in 2005, according to an indictment unsealed Friday.

The charges state that they recruited straw buyers, who would allow Brooks and Moss to falsify loan papers for them. At the same time, Brooks and Moss would use a realtor, who is identified in the indictment by the initials "L.A.," to find home sellers who were willing to overstate the purchase price of their homes. The straw buyers were paid between $7,000 and $10,000 for each transaction, the indictment says.

Brooks, who worked for America Mortgage in Bellevue, would then prepare and submit the false loan papers to several lenders in the area, according to court papers.

The difference between the inflated price and the purchase price of the home ranged from $30,000 to $778,000 per home, and the charges state that money was funneled through a business owned by Moss, Peachtree Development, and into their pockets.

Mike Carter: 206-464-3706 or mcarter@seattletimes.com

Copyright © 2008 The Seattle Times Company

More Local News headlines...

E-mail article Print view

advertising

Advertising

Buy a link here

UPDATE - 01:44 PM
List grows; 9 Seattle schools could be cut

Starbucks CFO: Company may miss 1Q profit estimate

Jerry Large: Correction? Try a connection

NEW - 02:49 PM
Abuse charges filed in assault of 2-year-old now in a coma

All viaduct options are unfriendly to pedestrians, study finds

Advertising

This feature requires Flash 7.

Download Flash

Top video | World | Science / Tech | Entertainment

Marketplace
Advertising