Nathan Shane Wolf, Racketeering, Bank Fraud, Money Laundering, North Carolina 2013

Charlotte Real Estate Agent and Loan Processor Found Guilty of $75 Million Racketeering Conspiracy

A federal jury in Charlotte, North Carolina, has convicted real estate agent Nathan Shane Wolf, 42, of Charlotte, on all charges related to a $75 million racketeering conspiracy, announced the U.S. Attorney’s Office for the Western District of North Carolina. Wolf was convicted of Racketeering Conspiracy, Bank Fraud, and Money Laundering Conspiracy.

The convictions are the latest in Operation Wax House, an investigation that began in 2007 and has netted 91 defendants to date, 80 of which have pleaded guilty or have been convicted following a trial. The federal criminal trial began on Tuesday, October 15, 2013, before Senior U.S. District Judge Graham Mullen.

According to evidence introduced at trial, the enterprise operated from about 2005 until 2012, when indictment was unsealed. The enterprise engaged in an extensive pattern of racketeering activities, which included investment or securities fraud, mortgage fraud in the form of wire fraud and bank fraud, and money laundering.

Wolf and his accomplice, Denetria Montresa Myles, a loan processor and licensed notary public in North Carolina, were participants in the enterprise’s mortgage fraud operations, accounting together for over $13 million in fraudulently-obtained loans. Witnesses testified that Wolf arranged for builders of luxury real estate to pretend to sell such real estate at an inflated price – what Wolf called the “gross price” – in order to get an inflated mortgage loan from a bank.

The United States Attorney’s Office is joined in making today’s announcement by John A. Strong, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, and Jeannine A. Hammett, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation (IRS-CI).

Nathan Shane Wolf faces a maximum prison term of 70 years, and will consent to forfeiture in an amount to be determined. He was released on bond pending the scheduling of his sentencing hearing.

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