Two men who posed as homebuyers in Springfield-area mortgage fraud schemes have pleaded guilty to charges leveled against them in U.S. District Court.
Steven Ray Spencer, 48, of Carl Junction, and Ricky Dean Unruh, 43, of Wichita, Kan., both pleaded guilty Wednesday to their roles in a $1.2 million mortgage fraud scheme involving residential properties in Greene and Christian counties. Both men were "straw buyers," meaning they were listed as borrowers on loan applications containing false employment and income information that were used to defraud lenders.
Spencer, who was among six individuals indicted by a federal grand jury in November, pleaded guilty to two counts of conspiracy to commit wire fraud, and one count each of wire fraud and money laundering. In a separate but related case, Unruh pleaded guilty to one count each of wire fraud, money laundering and conspiracy to commit wire fraud and money laundering.
According to his plea agreement, Spencer knowingly participated in two conspiracies to obtain mortgage loans based on falsified applications. Spencer stated that he planned to reside in the homes and listed a false place of employment that was verified by co-conspirator Shanda Lynn Moore, a clerical aide at local office equipment dealer Office Concepts, court records show. Moore also has pleaded guilty to her role in the scheme, but has not yet entered a plea agreement.
Through the scheme, a significant portion of loan proceeds was returned to borrowers outside of closing without the lender's knowledge. Federal prosecutors believe the economic loss linked to Spencer's criminal conduct exceeds $436,000.
Spencer faces a maximum federal prison sentence of 50 years without parole and could be fined up to $1.75 million, plus restitution, according to his plea agreement.
Federal prosecutors said Unruh was involved in the purchase of three homes in Ozark, taking out a total of $1.15 million in mortgage loans. Unruh admitted his role as a straw buyer and that he received roughly $238,500 in loan proceeds outside of closing.
Unruh faces up to 45 years in federal prison without parole, plus a fine up to $1.5 million and an order of restitution.
U.S. Attorney Douglas C. Bunch is prosecuting the case, which was investigated by the Federal Bureau of Investigation and IRS-Criminal Investigation.
Springfield event venue Belamour LLC gained new ownership; The Wok on West Bypass opened; and Hawk Barber & Shop closed on a business purchase that expanded its footprint to Ozark.
