Feds Get Guilty Pleas In Two Unrelated Alleged Mortgage Fraud Rings

In Illinois, the Rockford Register Star reports:

• "A 45-year-old Rockford woman pleaded guilty Tuesday in federal court to being part of conspiracy to boost mortgage and real estate commissions by falsifying documents so unqualified buyers could receive mortgage loans from the Federal Housing Authority. Rhonda Torossian is the fourth person out of five charged in the scheme to plead guilty, according to Patrick Fitzgerald, U.S. attorney for the northern district of Illinois. The fifth, Cesar Arenas, 43, a Rockford Realtor, goes to trial in October."

For more, see Rockford woman pleads guilty to mortgage fraud.

-----------------

In Missouri, the St. Louis Business Journal reports:

• "Dack Daugherty pled guilty Tuesday to conspiracy and money laundering in connection with a south St. Louis-operated mortgage fraud ring, according to U.S. Attorney Catherine Hanaway's office. Daugherty admitted to defrauding lenders of more than $500,000, which he agreed to pay back, and laundering the proceeds of the plot through a local credit union. According to Daugherty's plea agreement, he and others, who were not named in the release, arranged for the fraudulent purchase of 52 properties."

For more, see Daughtery pleads guilty to money laundering. See also, St. Louis Post-Dispatch - Man admits fraud in home-buying scheme.

Go here for U.S. Attorney Press Release.