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Davenport Mortgage Company Owner Admits to Wire Fraud

wqad.com | October 5, 2014

By Katrina Lamansky

A Bettendorf man will spend a little over eight years in prison after pleading guilty to wire fraud.

On Thursday, October 02, 2014, according to a statement from Attorney Nicholas A. Klinefeldt, 66-year-old Thomas Richard Jager was sentenced to eight years and one month in prison.

According to the statement, Jager was the owner and managing employee of Whitehall Funding, Inc., which is a mortgage servicing company in Davenport.

His responsibilities included being a sub-servicer to certain Department of Housing and Urban Development. He was responsible for providing remittance reports and payments to investors of certain mortgage backed securities secured by loans, making escrow payments, and holding balances for escrow accounts.

Klinefeldt said from 2008 to 2010 Jager did not forward monthly remittance payments to investors and provided false reports. He also failed to distribute lump sum payoffs of mortgages to investors and transferred money to his personal bank account.

“Jager admitted to being responsible for over $7 million in total loses,” Klinefeldt said.

From 2007 to 2010, Jager should have received about $18,000 in fees for loan servicing but instead he transferred $1,182,650 in funds owed to investors and property owners into his personal bank account.

“Evidence showed that he spent funds obtained as part of the fraud on credit card purchases, a hot tub for his home, purchase of vehicles, maid service, a Hilton Head time share, country club memberships, and other personal items, taxes and fees,” Klinefeldt said.

 

Back to October 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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