PENSACOLA, FLORIDA – In a stunning turn of events, Anthony J. Atkins, 51, Samuel D. Cobb, 37, and Bruce A. Houle, 57, have been arraigned on federal charges for orchestrating a $3.8 million mortgage fraud scheme at GulfSouth Private Bank.
The trio, along with accomplices Mark W. Shoemaker, Michael Bradley Bowen, and William Blake Cody, are accused of conspiracy to commit bank fraud, false statements, and mail fraud affecting a financial institution.
Prosecutors revealed that in 2008, Atkins, as president of GulfSouth, and Cobb, as vice president, concocted a scheme to hide mortgage loans in default. They induced Houle and others to take out loans, falsely claiming they would be non-recourse, leaving GulfSouth with no claim against the borrowers if they defaulted.
According to the indictment, Atkins and Cobb issued loans totalling $3.8 million and prepared fraudulent HUD-1 forms, misrepresenting that the borrowers provided cash for their transactions. They also submitted fraudulent security agreements, leading the bank to appear solvent when it was not.
In 2009, GulfSouth received $7.5 million in Troubled Asset Relief Program funds, which were used to cover the scheme’s losses, including short sales of condominiums and charged-off lines of credit. This case is a joint investigation by SIGTARP and FDIC-OIG.
Assistant U.S. Attorney Tiffany H. Eggers will lead the prosecution, with trial set for February 6, 2017. The U.S. Attorney’s Office for the Northern District of Florida is committed to investigating and prosecuting financial crimes.
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Key Facts
- State: Florida
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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