Mortgage fraud schemes generally involve a material misstatement, misrepresentation, or omission relating to an application or request for a loan. The government bears the burden of proving the false statement was intentionally made and done with an intent to defraud. The false statement also has to be one that had the potential to influence the lender in its decision to loan money on the property. These cases are typically investigated by the FBI, but recently, additional federal agencies have become involved in presenting these cases for prosecution.These cases may involve an alleged agreement between an industry insider, such as a mortgage broker, banker, or appraiser, to obtain money or proceeds from a particular transaction.
The term “bank fraud” refers to the use of fraudulent means to obtain money, property, or other assets owned or held by a financial institution. Bank fraud can also refer to the attempt to obtain money from depositors through fraudulent representations.
Both mortgage and bank fraud cases are complex, as they commonly involve prior civil litigation and voluminous discovery materials. These cases require significant and skilled document review by a team of attorneys and investigators experienced in this area. Documents must be reviewed and analyzed so that the legal team understands the facts in order to present the most viable defense.
A major point of contention in mortgage and bank fraud cases is often the amount of alleged loss. The amount of loss is directly relevant to the government’s decision to bring a criminal case and if a conviction is obtained, loss is the most important factor in determining length of sentence. Banks and lenders tend to estimate their losses very high-and high losses generate increased interest on the federal level for criminal interdiction. For this reason, exclusion of loss and calculation of loss is particularly important; it could make the difference between a charge being brought and a charge being declined. Post conviction, lowering the amount of loss can make the difference between a sentence of imprisonment or probation. We have handled many of these cases and are available to consult with potential clients.
If you are facing mortgage or bank fraud charges, it is in your best interest to consult with a lawyer skilled in federal white collar criminal defense. To arrange a consultation with Todd Foster Law Group, please contact us at 813-253-2020 or tfoster@tfosterlaw.com.
