MULTI-MILLION DOLLAR MORTGAGE FRAUD SCHEME EXPOSED IN HOUSTON

HOUSTON – A shocking mortgage fraud scheme has been exposed in Houston, Texas, resulting in the sentencing of three individuals to prison. Walter Ryan Macapaz, 36, Tony David Maldonado, 33, and Buffy Marie Lawrence, 42, have been ordered to serve prison time for their roles in a scheme to defraud residential mortgage lenders of more than $22 million in loans.

According to the U.S. Attorney’s Office, the conspirators used fraudulent documents to help borrowers qualify for mortgage loans to purchase condominium units in the Commerce Towers building located on Main Street in downtown Houston as well as residential homes in the Houston area. The documents had false and misleading information about the borrowers’ income, assets, liabilities, employment status, bank deposits, rental payments, intent to use properties as a primary residence, and source of funds used to close the real estate transactions.

Macapaz and Lawrence have admitted to knowingly arranging for borrowers to submit the false documents to mortgage lenders in order to obtain loans, while Maldonado has admitted to knowingly creating some of the false documentation.

U.S. District Judge Gray Miller handed down the sentences, noting the seriousness of the offenses. Macapaz was sentenced to 108 months in federal prison, while Maldonado and Lawrence will serve respective sentences of 24 and 12 months. All three defendants will be required to serve a term of three years of supervised release following completion of their prison terms.

The investigation leading to the charges was conducted by the FBI, IRS-CI, Federal Deposit Insurance Corporation – Office of Inspector General, and the Houston Police Department. Assistant United States Attorney John Lewis is prosecuting the case.

The scheme was uncovered in 2011, and a total of four individuals were indicted for their roles in the mortgage fraud scheme. A fourth defendant, attorney and former title company escrow officer Lisa Carol Ross, 52, of Missouri City, pleaded guilty in the case and was sentenced to 13 months in prison on May 17, 2013.

The sentencing of Macapaz, Maldonado, and Lawrence marks the conclusion of a lengthy investigation into the mortgage fraud scheme. The case serves as a reminder of the importance of vigilance in preventing and detecting mortgage fraud schemes.

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