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Former Real Estate Agent Sentenced to 30 Months in Prison for Leadership Role in Mortgage Fraud Scheme

justice.govMar 5, 2012

PHOENIX – Robert Alexander, 36, of Phoenix, Ariz., was sentenced to 30 months in prison by U.S. District Court Judge James A. Teilborg on Feb. 29, 2012. Alexander, a real estate agent, represented buyers who purchased multiple homes with loan applications containing false information and concealing from the lenders “kick backs” to the buyers. Alexander pleaded guilty to Conspiracy to Commit Wire Fraud. One other co-conspirator has pleaded guilty for his involvement in the conspiracy.

Ann Birmingham Scheel, Acting U.S. Attorney for the District of Arizona, highlighted the significance of this sentence by stating, “Mortgage fraud has destroyed property values, lending institutions, and entire neighborhoods in our community. It has resulted in the loss of tax revenues and jobs. To those who engage in mortgage fraud--particularly real estate industry professionals in whom the public places trust-- you can expect to be prosecuted.”

“Mortgage fraud has been a major factor in the demise of our real estate market in Arizona,” said Dawn Mertz, Special Agent in Charge, Internal Revenue Service, Criminal Investigation. “IRS Special Agents will continue to use our financial expertise to aggressively pursue those individuals involved in these crimes.”

According to Alexander’s plea agreement, between Sept. 2005 and Aug. 2006, Alexander found sellers of distressed properties and offered to pay more than the asking price for those properties. He then obtained inflated appraisals to support the higher offers and the resulting loan amounts. To further the scheme, Alexander recruited buyers that he knew would not be qualified to purchase multiple homes, and then facilitated the submission of loan applications containing false information for those buyers. At closing, Alexander instructed the escrow officer to disburse monies to third party entities. Alexander obtained both a commission and, in many cases, a bonus from the fraudulent transactions. The conspiracy involved as many as 44 homes that went into foreclosure resulting in estimated losses of $2,500,000.

The investigation in this case was conducted by the Internal Revenue Service, Criminal Investigations Division. The prosecution is being handled by Kevin M. Rapp Assistant U.S. Attorney, District of Arizona, Phoenix.

Back to March 2012 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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