Atlanta Man Gets 39 Months In Attempt To Use Stolen IDs, Fictious Buyers, Phony Short Sales To Screw FDIC Out Of $2.2M

In Atlanta, Georgia, The Atlanta Journal Constitution reports:

• An Atlanta man who took out millions of dollars in illicit loans from the now-failed Omni National Bank was sentenced [] to more than three years in prison as part of a federal investigation. Brent Merriell, 38, was sentenced to 39 months for making false statements to the Federal Deposit Insurance Corp. and for aggravated identity theft. He also faces five years of supervised release as part of U. S. District Judge Jack T. Camp’s order.

• “Mr. Merriell used stolen identities, created fictitious buyers, and negotiated phony short sale deals for properties, all in an effort to defraud FDIC of millions of dollars he owed on mortgages,” said U.S. Attorney Sally Quillian Yates. Merriell pleaded guilty in March.

• According to a news release, Merriell faced foreclosure on 14 properties subject to Omni mortgages. After Omni failed and was taken over by regulators, Merriell asked the FDIC to forgive $2.2 million in loan payments, and instead allow him to “short sell” the houses at steep discounts. The seven new buyers, however, were phony, federal prosecutors say.

Source: Man sentenced in Omni National Bank scheme.

For the U.S. Attorney (Atlanta) press release, see Atlanta Man Sentenced to Prison for Fraud Related to Failed Omni National Bank (Defendant Used Stolen Identities for Short Sale “Buyers” When He Sought Forgiveness of $2.2 Million in Loans).