Todd Gongwer, Lance Parker, Joel Lee, Conspiracy to Commit Bank Fraud, Ohio 2009

Three Ohio residents have pleaded guilty to conspiracy to commit bank fraud as part of a real estate loan scheme that saw them pocket hundreds of thousands of dollars in kickbacks.

Todd Gongwer, 47, of Dublin, Ohio, Lance Parker, 46, of Dublin, Ohio, and Joel Lee, 47, of Galena, Ohio, were charged with conspiracy to commit bank fraud, tax evasion, and structuring transactions to avoid federal reporting requirements.

According to court documents, the trio, along with others, participated in real estate deals from 2005 through 2007 in which they purchased luxury homes from real estate builder Thomas Parenteau for inflated prices.

The buyers, including Gongwer, Parker, and Lee, misrepresented their income and assets to obtain approximately 90% financing of the inflated purchase price.

The loans associated with the real estate purchases of Gongwer, Parker, and Lee have all gone into default, resulting in a total loss of between $2.5 million and $7 million for the banks involved.

Gongwer faces a maximum sentence of 10 years in prison and a maximum fine of $500,000 for his role in the scheme. Parker faces a maximum sentence of 10 years in prison and a maximum fine of $500,000. Lee faces a maximum sentence of five years in prison and a maximum fine of $250,000.

The sentencing of all three defendants has been scheduled for a date after the July 2009 trial of Tom Parenteau, his accountant Dennis Sartain, and his realtor Bonnie Helt, who were charged in April 2009 in a tax fraud and money laundering scheme.

Source: https://www.justice.gov/archives/opa/pr/three-ohio-residents-plead-guilty-conspiracy-commit-bank-fraud-fraudulent-real-estate-loan