38 Count Indictment against Mississippi Title Agents

A Federal Grand Jury indicted J. Larry Kennedy and Keith M. Kennedy with thirty eight counts of wire and mail fraud, and laundering money for their roles to in the conspiracy to defraud mortgage lenders in a nine million dollar mortgage scheme.

United States Attorney Stan Harris in a press release alleges that the Kennedys between September of 2004 and September of 2006 operated Loan Closing and Title Services, Inc. that knowingly conspired with Mark J. Calhoun, April Calhoun and Willie Jones to obtain funds by fraudulent means.

The Kennedys using their business as a Title company for mortgage loans in the Jackson, Mississippi area conspired with the Calhoun’s and Jones to close loans when the borrower for that loan was not present at the closing and notarized the documents that mortgage lenders rely on the closing or title agent to confirm.  The documents specifically require the title or closing agent to review the license of the borrower in question and affirm that the individual on that loan is present at the time of closing. The title agent is also to verify that the signature of the borrower signing the loan documentation match the signature of the individual who signed the original loan application for mortgage prior to any loan proceeds being disbursed and or wired.

The Kennedys knowingly notarized the fraudulent documents and requested funds to be wired from lending institutions for the Calhoun’s and Jones. The Kennedys represented the Calhoun’s and Jones as well as their companies as creditors on the HUD 1 in order to obtain the proceeds.