Peddling Bogus Sale Leasebacks To Homeowners In Danger Of Foreclosure Among Criminal Allegations Facing Missouri Pair, Say St. Louis Feds

In St. Louis, Missouri, the St. Louis Business Journal reports:

• A St. Charles developer and mortgage broker and a Lake St. Louis woman have been indicted on multiple mortgage fraud charges. Jeremy Beadle, 37, of St. Charles, was president of Network Ventures, a business engaged in mortgage processing and real estate brokerage, and also the rehabilitation of real estate properties in need of repairs. Beadle also operated and managed Premier Mortgage Funding, a mortgage brokerage company, owned by Network Ventures. Rebecca Domecillo, 48, of Lake St. Louis, was an officer of Network Ventures and also participated in the operations and management of Premier Mortgage Funding.

Among other allegations:

• [B]eadle offered to purchase real estate properties from individuals who needed to refinance the mortgages on their residences because they were in danger of foreclosure. Beadle offered to buy these properties for a price in excess of the balance of the existing mortgage and told the sellers they could rent the properties and he would apply the rent payment to the mortgage. But Beadle failed to make the mortgage payments as agreed, and these properties were foreclosed, resulting in losses to the mortgage lenders, according to the indictment.

For more, see St. Charles developer indicted on mortgage fraud charges.