The three remaining co-defendants indicted by a federal grand jury in November for their roles in Springfield-area mortgage fraud schemes have pleaded guilty.
Randall Lee Hall and Shanda Lynn Moore, both of Springfield, entered guilty pleas in U.S. District Court the week of Sept. 21, and Steven Ray Spencer, of Carl Junction, entered a guilty plea on Sept. 30, court records show. Hall was former branch manager for Choice Mortgage, and Moore was a clerical aide at local office equipment dealer Office Concepts.
Hall, Moore and Spencer were among six people indicted late last year for their roles in a trio of mortgage fraud conspiracies involving 29 residential properties in Greene and Christian counties. Also indicted were mortgage brokers Charles Davis, of Springfield, and Scott Allen Kassebaum and Cheryl Kassebaum, both of Ozark; all three pleaded guilty earlier this year and are awaiting sentencing.
According to his plea agreement, Hall knowingly participated in a conspiracy to obtain mortgage loans based on falsified loan applications, and to return a large portion of the loan proceeds to homebuyers outside of closing. Hall admitted to preparing and submitting loan applications that overstated income, understated or omitted liabilities and falsely stated that the borrowers would reside in the homes being purchased.
The economic loss attributable to Hall's criminal conduct was at least $217,556, court records show. He faces a maximum prison sentence of 35 years and could be fined up to $1.25 million, plus restitution, according to his plea agreement.
Moore, who has not yet entered a plea agreement, pleaded guilty to verifying false income and employment information contained in loan applications used to defraud lenders between January 2006 and February 2007, court records show.
According to his plea agreement, Spencer knowingly participated in two conspiracies to obtain mortgage loans based on false applications by serving as a borrower, often referred to as a "straw buyer." On the loan applications, Spencer falsely stated that he planned to reside in the homes and listed a false place of employment that was verified by Moore, court records show. Federal prosecutors believe the economic loss linked to Spencer's criminal conduct exceeds $436,000.
Spencer faces a maximum prison sentence of 50 years and could be fined up to $1.75 million, plus restitution, according to his plea agreement.
The case is being prosecuted by Assistant U.S. Attorney Douglas C. Bunch and was investigated by the FBI and the Internal Revenue Services-Criminal Investigation.
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