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Two accused of using straw buyers, shell company in mortgage scheme
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Updated: Apr. 10, 2012 | 10:15 a.m.
Two Las Vegas men face federal charges in connection with a mortgage fraud scheme that involved straw buyers and falsified mortgage loan documents.
A grand jury indicted Tari Brandon, 43, and Calvin Gribble, 50, earlier this month on charges of conspiracy to commit mail fraud, wire fraud and bank fraud.
According to a statement from the U.S. attorney's office in Las Vegas, Gribble was arrested and appeared in court Monday. He was released pending trial. Brandon surrendered Friday morning.
The indictment alleges that from about June 2004 to January 2005, Brandon, managing member of KTB Construction Co., and Gribble, owner of C.A. Gribble and Associates, a mortgage broker, solicited and paid people to act as straw buyers to apply for mortgage loans to purchase real estate in Las Vegas.
To induce the lenders to fund the loans, according to the indictment, Brandon and Gribble caused the loan applications and supporting documentation to include false and fraudulent information concerning the straw buyers' income, assets, employment and intent to occupy the home. Once the financial institutions funded the loans, the escrow companies made disbursements to Brandon's shell company, KTB Construction, and paid commissions and fees to Gribble.
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As I've said before..follow the money trail...everybody who made money over the real estate boom...particularly those who were mortgage brokers, real estate agents, owned construction companies, etc... everybody who has a history of multiple home ownerships in this city.... now I aint saying they are all crooked, but these are the people who contributed to the insane price escalation of homes...simple economics, they flipped homes with bogus buyers or loan applicants, created a false sense of demand, and artifically pushed prices up... any money recovered should be placed in a pool to help resolve underwater mortgages, particulary those of 2005-2006 purchases...my guess is these two arent the only ones out there behind this mess....
AS I'VE SAID BEFORE / ROACHES
JUST LOOK AT THE VALLEY AS IT IS NOW
JUST LOOK AT THE WAKE.......
PS: TOO LATE TO SPRAY RAID