Galveston Woman Gets 33 Months for Mortgage Fraud

PLANO, Texas – A 68-year-old Galveston woman has been sentenced to federal prison for her role in a mortgage fraud scheme that swindled nearly $800,000. Yvonne Gumaer, the escrow officer at Regency Title Company, was ordered to serve 33 months and pay back $791,782.89.

Gumaer pleaded guilty on January 22, 2013, for making a false statement in connection with an FHA-insured home loan. She conspired with Larry Reisman, Kathy Moore, and others to deceive the FHA into insuring a mortgage that covered closing costs not disclosed in the sales contract. This fraudulent move landed Fannie Mae and Freddie Mac among the losers.

The scam involved the Thistle Way III Property, where Gumaer’s co-conspirators failed to pay or reimburse the borrower for undisclosed costs, violating 18 U.S.C. § 1014. Alongside Gumaer, Moore and Reisman were also sentenced; Moore got 24 months with $774K restitution, while Reisman was handed a 42-month term and ordered to pay back $1.5 million.

This case is part of President Barack Obama’s Financial Fraud Enforcement Task Force, an interagency effort aimed at combating financial crimes. The task force includes representatives from various federal agencies and law enforcement entities.

The investigation was conducted by HUD-Office of Inspector General, IRS Criminal Investigation, FBI, Federal Housing Finance Agency-Office of Inspector General, U.S. Secret Service, and U.S. Postal Inspection Service, with the case prosecuted by Assistant U.S. Attorneys Andy Williams and Chris Eason.