Originally published Friday, July 11, 2008 at 12:00 AM
Bellevue loan officer indicted in house-buying scam
A grand jury has indicted a Bellevue loan officer and his assistant of obtaining $27 million in fraudulent loans in a scheme involving straw buyers and unscrupulous home sellers.
Seattle Times staff reporter
A former loan officer at a Bellevue mortgage company and his assistant have been indicted on a charge of conspiracy to commit 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 this morning.
The charges allege that they recruited straw buyers, who would allow the men 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 actual purchase price of the home ranged from $30,000 to $778,000 per home, and the charges allege 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
Biden: Israel free to set own course on Iran
Obama warns of 'difficult' days in Iraq, pledges support for troops
Top Iran clerics decry election, defy supreme leader
NEW - 07:00 PM
Honduran military told to turn back Zelaya's jet
UN official to accompany Honduran president home

2009 fireworks time lapse
With strict parking rules enforced at this year's July 4th celebration on Wallingford Ave North, less cars and more spectators filled the streets.
Entertainment | Top Video | World | Offbeat Video | Sci-Tech
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
Tax tips for new independent professionals
Post a comment
nwautos

Choosing a new compact car? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
nwhomes

Find a new home or condo that fits your lifestyle.
Search New Developments
Builder Directory
- Plasma and LCD beware; OLED screens ready to go mainstream
- Former NFL MVP McNair killed
- Landmark Smith Tower mostly vacant
- Russell Branyan, Mariners fight off the Red Sox
- Property taxes: Appeals shoot up in King, Snohomish Counties
- Palin takes to Web for hints of political future
- Fourth of July festivals and fireworks in Seattle, the suburbs and beyond
- Palin links resignation to 'higher calling' and blasts media in Facebook posting
- The Blotter | Man pistol-whipped after argument at nightclub
- Hard times for tourist towns means good deals for travelers
- Palin resigning as Alaska governor
780 - Seattle Mariners at Boston Red Sox: 07/05 game thread
247 - Palin links resignation to 'higher calling' and blasts media in Facebook posting
158 - Hatred for the NBA runs deep, but don't take it out on the players
115 - Former NFL MVP McNair killed
108 - Tukwila residents rally against light-rail noise
106 - Property taxes: Appeals shoot up is King, Snohomish Counties
94 - Tent City on campus: UW stalls decision
78 - Anti-tax rally in Olympia attracts about 1,500
54 - Man found dead in King County Jail was on trial for rape
36
- Plasma and LCD beware; OLED screens ready to go mainstream
- Property taxes: Appeals shoot up in King, Snohomish Counties
- Merchant Marine veterans fight for recognition
- Hard times for tourist towns means good deals for travelers
- Landmark Smith Tower mostly vacant
- Close-up | Prison guards intercept carrier pigeon with a cellphone
- Pre-grill drill: marinate steaks
- Concert Review | Green Day blasts off 4th weekend with KeyArena show
- Amtrak cleared for 2nd daily train to Vancouver, B.C.
- Lake Washington's sockeye run may hit a record low





