Woman indicted in mortgage fraud scheme
Sat, 15 Jun 2013 16:28:07 GMT —
An Edinburg woman has been indicted in a bank fraud scheme.
Lacie Devine was indicted on charges of conspiracy to commit mail fraud in connection with the scheme.
Devine was an escrow officer at National Escrow & Title, LLC and she is allegedly involved in a wide-spread mortgage fraud scheme.
The scheme included loan officers, recruiters, home sellers, and home buyers.
The indictment alleged that Devine conspired with others to falsify home buyers TM loan applications to falsify real-estate settlement statements.
She allegedly distributed lender funds to parties that were not disclosed on the settlement statements and were not disclosed to the lenders.
Devine TMs scheme allegedly resulted in losses to mortgage lenders and to those that insured mortgages including The Federal Housing Administration (FHA), The Federal National Mortgage Association (Fannie Mae), and The Federal Home Loan Mortgage Corporation (Freddie Mac).
The law enforcement action is part of President Barack Obma TMs Financial Fraud Enforcement Task Force.
The agency was established to wage an aggressive, coordination and proactive effort to investigate and prosecute financial crimes.
Devine could face up to 20 years in federal prison and restitution of $3.7 million.