Shelby Township resident Albert Greer, Sr. has been found guilty of orchestrating a multi-million dollar bank fraud scheme, according to a recent conviction. On March 20, 2014, Greer was found guilty of Conspiracy to Commit Bank Fraud and Aiding and Abetting Bank Fraud in a federal court.
According to the evidence presented in court, from 2004 through 2007, Greer devised and executed a scheme to commit bank fraud by locating residential properties in the Detroit metropolitan area and recruiting and paying "straw buyers" to sign for mortgage loans they never intended to repay on homes they never intended to live in.
Greer often made the mortgage payments on the loans for several months so the lenders would not immediately realize that the loans had been obtained by fraud, but then the loans went into default and the properties went into foreclosure. Co-defendant and co-conspirator Carlton Davis, who pleaded guilty in 2013 to conspiring with Greer, would submit fraudulent loan applications to various financial institutions on behalf of the straw buyers.
The applications were filled with material false representations which were supported by phony documents Greer created, including W-2s, earnings statements, verifications of deposit, verifications of employment, and so on. Greer attempted to insulate himself from criminal liability by acting through the straw buyers and through shell companies, including Detroit National Mortgage Associates, he established in the names of his family members.
Greer also had his family members open bank accounts in their names, which he used to launder the proceeds of his crimes. Greer scammed banks out of several million dollars and stole the sellers’ proceeds on occasion by submitting invoices for "consulting fees" owed to Detroit National Mortgage Associates. If the seller did not realize those fees were included on the HUD-1s, proceeds checks would be issued to the shell company at closing, and Greer would cash the checks.
In this way, Greer stole $167,844.31 from the homeowner who sold 18630 Fairway in Detroit in 2005, and $21,948.92 from the homeowner who sold 16872 Huntington in Detroit in 2006. Each count of conviction, Conspiracy to Commit Bank Fraud and Aiding and Abetting Bank Fraud, carries a maximum prison term of 30 years, a $1,000,000 fine, and 5 years of supervised release following the period of incarceration. No sentencing date has been set at this time.
"Some people rob banks with guns and masks," said United States Attorney Barbara L. McQuade. "This defendant robbed banks with lies and false documents. White collar criminals deserve to be seen as the robbers that they are."
The investigation of this case was conducted by special agents of the FBI and prosecuted by Assistant U.S. Attorney Cynthia Oberg. The case is a reminder that white-collar crimes can have severe consequences, and those who commit them will be held accountable.
Related Federal Cases
- Kim Duron Mulder, Conspiracy to Commit Health Care Fraud, Michigan 2014 · Michigan
- Timothy Darnel Keith, Conspiracy to Commit Access Device Fraud, Michigan 2023 · Michigan
- Diallo Dotson, Tax Return Fraud Conspiracy, Michigan 2024 · Michigan
- Yoisler Herrera-Enriquez, Mail Fraud Conspiracy, Michigan 2012 · Florida
- Marko Nikoli, Bank Fraud, Ohio 2023 · Michigan
Key Facts
- State: Michigan
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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