Feds Bust Missouri Real Estate Broker

jbushart · July 17, 2007, 11:26pm

Could this be the personthe Missouri Association of Realtors had in mind to sit on a HI licensing board in a bill that they pushed earlier this year?

I suppose there are some pretty sad home inspectors looking for a new source of referrals around KC, tonight.

psabados · July 18, 2007, 1:55am

Those interested in a little background, here a link with an accurate overview and details

http://www.mortgagefraudblog.com/index.php/weblog/permalink/another_defendant_pleads_guilty_in_notorious_mortgage_fraud_case/

Rumors have it that Katheryn Shields, past Jackson County Exec will be running for Gov of Missouri next election. Hmmmmmm?

Paul

jbraun · July 18, 2007, 2:15am

Since it is not a violent crime, this Broker will be able to keep his license. When somebody from MAR does white collar crime they are only put on probation. Sad, but true. :mad:

jbushart · July 18, 2007, 1:15pm

Here is yet ANOTHER member of the Missouri Association of Realtors to be indicted on federal charges for fraud this year.

No wonder houses aren’t selling in Missouri. All the salesmen are in jail.

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.

jbraun · July 18, 2007, 1:28pm

I went to a Board of Realtors meeting last year, where a funny lady from the FBI talked about mortgage fraud. She explained how mortgage fraud was commiteed. It appears that some Realtors took it to heart.
I am so glad the inspection industry does not have problems the Realtors do. I have dropped out of organizations, like the Indoor Air Quality Association (IAQA), because of some members being crooked. Where has people’s intergrity gone.

dvalley · July 18, 2007, 1:36pm

What people will do for profits.

The Feds shut down Mortgage companies in my area.

jbushart · July 18, 2007, 1:39pm

I guess you will find unscrupulous folks in just about every profession. The problem in Missouri is that (with the help of some inspectors who are in cahoots with them for referrals) the Missouri Association of Realtors considers itself above us ---- and wants to govern home inspectors through its lobbyists in the state capital.

The fact is that more Missouri members of the Missouri Association of Realtors have been indicted in a federal court for fraud in the last year than the total number of home inspectors with simple and routine Better Business Bureau Complaints. They are fabricating and blowing out of proportion these isolated cases to create the illusion for the need for their control — when the facts show that they, not others, need to have the tighter laws to govern their actions.