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Latest Legal News from the Criminal Courts in Houston, Texas
April 16, 2007
FORMER ESCROW OFFICER CONVICTED IN MORTGAGE FRAUD SCHEME
(HOUSTON, TX) Marjorie Atkinson Ford, 48, formerly a licensed escrow officer, was convicted by a federal jury conspiracy to commit wire fraud, United States Attorney Don DeGabrielle announced today.
Testimony and evidence produced at trial showed that from 2005 through 2007, Ford closed residential real estate purchases for First Southwest Title Company, Greater Texas Title company and AmeriTrust Title Company. Together with co-conspirator Michael Harris, Ford worked with lenders to arrange funding for mortgage loans. At or after closing, Ford created a false settlement statement which would be forwarded to the lender to advise the lender of the disposition of the lender’s money. Unknown to the lender, Ford used some of the lender’s money to pay her co-conspirators.
Co-conspirator Michael Harris, 34, pleaded guilty to conspiracy charges stemming from the same activity on April 4, 2007. During trial, he testified that he conspired with Ford to commit wire fraud. Harris told the jury that he recruited buyers for residential property, helped them qualify for a loan using false social security numbers and bank account information, then located a mortgage company to provide the funds for the purchase of the home. During the closing, Harris provided false invoices to Ford for work that was never done to the home. On other occasions, Ford paid Harris from the loan proceeds without an invoice.
Title company closing documents were introduced at trial to show that Ford made a xerox copy of the signature page of the settlement statement signed by the buyer and attached it to a false settlement statement that was forwarded to the lender. By falsifying the documents, the conspirators defrauded lenders of hundreds of thousands of dollars.
Conspiracy to commit wire fraud carries a possible punishment of up to 20 years in prison, a fine of $250,000 and three years of supervised release after any jail term is completed. Judge David Hittner, who presided over the trial, has set sentencing for July 10, 2007.
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