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Mortgage Fraud Scammer Sentenced to 94 Months
A Chicago man has been sentenced to 94 months in prison for his role in a mortgage fraud scheme that defrauded financial institutions out of over $7,000,000.
Julius Willard, 55, was convicted of bank fraud and aggravated identity theft. According to prosecutors, Willard submitted fraudulent mortgage applications to various financial institutions, including HSBC Bank, while working as a mortgage broker in the Atlanta, Georgia area.
Willard’s scheme involved recruiting individuals to apply for mortgages and purchase income properties. He would then submit mortgage applications on their behalf, including false information about their employment, salary, and residency. The false information was supported by fraudulent pay stubs, employment verification forms, and bank statements.
The defendant was part of a larger scheme that utilized identifying information of another individual to gain employment with a mortgage brokerage firm and carry out the scheme to defraud financial institutions.
At the time of the scheme, Willard was ineligible to work as a licensed mortgage broker due to his criminal record. He utilized the identity of another individual to gain employment and carry out the scheme.
U.S. Attorney William J. Hochul, Jr. announced the sentencing, which was the culmination of an investigation by the Federal Bureau of Investigation, the Housing and Urban Development Office of Inspector General, and the U.S. Attorney’s Office for the Northern District of Georgia.
The sentencing is part of President Barack Obama’s Financial Fraud Enforcement Task Force, which aims to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, and state and local law enforcement.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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