California Man Pleads Guilty to $8.5 Million Mortgage Fraud Scheme

The Federal Bureau of Investigation (FBI) on January 30, 2012 released the following:

“KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that a California man pleaded guilty in federal court today to his role in a mortgage fraud scheme that defrauded a failed Sugar Creek, Mo., bank of more than $8.5 million.

William Troy Goings, 36, of Sacramento, Calif., pleaded guilty before U.S. District Judge Gary A. Fenner to participating in a conspiracy to commit wire fraud.

By pleading guilty today, Goings admitted that he defrauded American Sterling Bank in Sugar Creek in a scheme that lasted from Oct. 11, 2006, to Jan. 18, 2007. American Sterling Bank was closed on April 17, 2009.

Goings acted as a finder for a California mortgage broker by recruiting borrowers and preparing loan applications for those borrowers. Goings submitted fraudulent loan applications and supporting documents that contained false information about the borrowers’ income, assets and liabilities, and credit history.

As a result of the mortgage fraud scheme, American Sterling Bank approved loans totaling $8,587,893 for 19 properties in California. Goings received approximately $99,408 from the scheme.

Under federal statutes, Goings is subject to a sentence of up to 30 years in federal prison without parole, plus a fine up to $1 million and an order of restitution. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

This case is being prosecuted by Senior Litigation Counsel Linda Parker Marshall. It was investigated by the FBI and the FDIC, Office of Inspector General.”


Douglas McNabb – McNabb Associates, P.C.’s
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