Atlanta Man Gets 15+ Years In Federal Pen; Bilked Lenders Out Of $15M

The Atlanta Business Chronicle reports that Jeffery Alan Teague, also known as Jeffrey Allen Bryant, was sentenced Oct. 26 in an Atlanta, Georgia Federal Court to 15 years and eight months in jail and was ordered to pay $7.8 million in restitution for his role in two builder-based mortgage fraud schemes that bilked lenders out of $15 million. According to the story:

• From 1999 to 2001, [Teague], using the name Jeffrey Alan Bryant and operating as the builder/seller Quantum Builders and Premium Property Management, defrauded mortgage lenders by obtaining more than $10 million in loans to buy non-existent and incomplete houses in Rockdale County from Bryant/Quantum Builders. The loans were obtained in the names of unqualified straw borrowers, using fraudulent appraisals with photographs of completed houses and false Certificates of Occupancy provided by Teague. After investigators found out about the scheme, Teague moved to Maryland.

• Teague returned to Atlanta in 2006, using the name "Jeffery Alan Teague" and The Pacific Group Inc. doing business as Value Homes Ltd., and again began to arrange mortgage loans for the purchase of incomplete houses, this time in Forsyth County. Teague secured the loans from Teague/Value Homes in the names of California, New York, and Florida "investors" by providing false Certificates of Occupancy stating the houses securing the loans were "completed to code" and "suitable for occupancy," supported by fraudulent appraisals containing photographs of completed houses. Later in 2006, Teague also collected "investor" money for property he did not own in subdivisions in Fayette and Fulton counties.

For more, see Teague gets jail time for mortgage fraud.

Go here for U.S. Attorney Press Release - Teague Sentenced To Federal Prison For Sale Of Non-Existent/Partial Houses In Two Counties.