Two Real Estate Industry Insiders Plead Guilty to Committing Real Estate Fraud
Two industry insiders–one a prominent Realtor in Edmond, Oklahoma; the other a successful real estate broker in Kansas City, Missouri–have pleaded guilty in separate cases to committing mortgage fraud.
In the Oklahoma case, high profile Realtor Ann Campbell pleaded guilty on Wednesday to a federal felony charge of conspiracy to commit wire fraud in connection with cash back at closing scheme. The 66-year-old Campbell, who heads the RE/MAX affiliated “Ann Campbell Team,” was a primary figure in the sale of a home in Edmond’s upscale Oak Tree neighborhood. According to Assistant U.S. Attorney Susan Cox, Campbell–who represented the seller of the house–conspired to falsify loan-related documents that stated that the seller would pay certain closing costs that then were kicked back to the buyer through a title company account belonging to–guess who–Ann Campbell.
In a statement, Campbell’s attorney said “Mrs. Campbell has acknowledged making a serious error in judgement… She did not retain any funds beyond her normal commission…” But as part of her plea, has Campbell agreed to pay back more than $50,000 from her commission on the sale of three Oak Tree homes, and now faces up to five years in prison and a $250,000 fine.
In Kansas City, Missouri, 59-year-old real estate broker Doris Taylor pleaded guilty in federal court on Wednesday to transferring money obtained illegally through fraud across state lines. By pleading guilty, Taylor admitted that she caused a mortgage company to transfer $331,859 to an Independence, Missouri, bank account because of a fraudulent loan application. Taylor, who ran Doris J. Taylor Realty, faces up to 10 years in federal prison without the possibility of parole, plus a fine up to $250,000 and an order of restitution.