United States Department of Housing and Urban Development otherwise known as HUD has what is called Home Equity Conversion Mortgages Program. The program was designed to help senior citizens obtain financial security through a Federal Housing Administration insured reverse mortgage loan. The program like all mortgage programs is not immune to those who would defraud for personal gain.
The Housing and Urban Development Office of Inspector General has stated that it will aggressively investigate and pursue those individuals and conspirators what prey on senior citizens using the reverse mortgage programs as a backdrop.
Acting United States Attorney, Sally Quillian Yates is working on putting away three of these individuals. February 25th of this year Jonathan Alfred Kimpson, age 27, Gia Harris, age 26 and Kelsey Torrey Hull, age 38, where indicted on charges of financial institution fraud and conspiracy in Atlanta, Georgia.
According the Acting United States Attorney, Kimpson, Harris and Hull altered real estate records and used fraudulent documents as well as posed as realtors in order to abuse the system and take money away from qualified senior citizens that truly needed the funds.
The indictment states that Kimpson, Harris and Hull provided fraudulent down payment information on senior citizens in order to establish the equity requirement needed to qualify for the reverse mortgage program. The trio arranged gift letters in amounts of fifty thousand dollars and as high as one hundred thousand dollars to satisfy the Housing and Urban Development requirements. The trio also used fraudulent HUD-1 Settlements that reflected sales of homes and where closed by closing attorney and or title firms that did not exist in order to source the fraudulent down payments.
Kimpson has been charged with an additional count of aggravated identity theft and wire fraud. The indictment states that Kimpson stole the identities of realtors in order to produce fraudulent Georgia MLS records to produce the fraudulent HUD-1 Settlements with inflated figures which supported the fraudulent appraisals.
Kimpson, Harris and Hull have all been charged with conspiracy which carries a maximum sentence of thirty years and a fine of one million dollars.
Kimpson’s additional charge of wire fraud carries a sentence of thirty years and a two hundred fifty thousand dollar fine; three aggravated identity theft counts which carry a maximum sentence of two years and a fine of two hundred fifty thousand dollars.
Hull was charged with an additional count of bank fraud which carries a maximum sentence of thirty years and a one million dollar fine.
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