Texas Real Estate Developer Charged In Alleged Mortgage Fraud

The Houston Chronicle reports:

• "A Clear Lake-area real estate developer and loan broker was arrested Friday on an federal indictment charging him with six counts of bank fraud and making false statements on loan and credit applications. It alleges Richard Bell obtained $2.7 million in loans from Wells Fargo Bank and Wachovia Bank to buy a home in League City and refinance an office building by using fraudulent documents about his income, assets, bonus and credit history. Bell attempted to obtain another loan from Wachovia for Harborside Mortgage Corp., which was refused, the indictment said."

Source: Clear Lake broker charged with fraud (2nd story from top).

See also, News Release, U.S. Attorney's Office (S.D. Texas).