Ex-Real Estate Agent Cops Plea For Role In Mortgage Fraud Scam Where Builder Kicked Backed Cash To Buyers, Salespeople To Help Unload Unsold Inventory

In Charlotte, North Carolina, The Charlotte Observer reports:

• A Mint Hill man has pleaded guilty in connection with a mortgage fraud scheme that involved kickbacks [by] a homebuilder, according to documents filed Wednesday in federal court in Charlotte. Mike Foley, a former real estate agent, pleaded guilty to one count of mortgage fraud conspiracy and one count of making false statements. He will be sentenced later.

• The mortgage fraud scheme, according to court records, involved an unnamed builder who agreed to pay hidden kickbacks to buyers - and to promoters who would find buyers - in order to sell houses. [...] Foley was accused of serving as a real estate agent in the deals and facilitating the kickbacks. [...] Overall, the conspiracy involved about $5 million in kickbacks and about $42 million in fraudulent loans, court records say.

For the story, see Guilty plea entered in mortgage fraud case.