In December of last year, 46-year-old Stacy Morgan was sentenced to five years in prison along with payment of restitution in the amount of $7,912,950 for his role in a mortgage fraud scheme, according to Special Agent in Charge Jarod J. Koopman of the IRS-Criminal Investigation. Koopman was joined in announcing Morgan’s sentence by U.S. Attorney for the Eastern Judicial District of Michigan Barbara L. McQuade.
Court records indicate that Morgan conspired with other individuals to secure fraudulent mortgage loans on several Bloomfield Hills properties between December of 2003 and February of 2008.
According to the indictment, Morgan supplied information in loan applications and closing documents on specific properties that were falsified or he caused to be falsified. Information that was falsified included that regarding income information, loan applicant’s assets, and false income documents in support of the requests for loans. Morgan also supplied false bank account balances and verification of employment so that applicants could obtain mortgage loans. Ultimately, the lenders involved granted loans in excess of $9 million, according to the press release.
Koopman was joined in the investigation by other IRS-Criminal Investigation Special Agents and the FBI. Koopman said in the release that those who engage in fraudulent mortgage schemes leave communities with abandoned properties, and lenders burdened with bad loans. He warned that individuals who engage in these crimes in an effort to line their own pockets will face severe consequences for their unlawful acts.
Fraudulent crimes involving real estate, tax refunds, or even stolen identity will leave individuals who are convicted facing serious criminal penalties. While most of these types of crimes are considered “white collar crimes” and involve no violence, the consequences can be just as severe.
Whether you are under investigation for money laundering or have been charged with a crime such as embezzling or fraud, it is critical that you consult with a highly qualified Michigan criminal defense lawyer. Your attorney will provide you with the legal guidance and support to reach the desired outcome, and work to protect your freedom, reputation, and career.