Two more plead guilty to mortgage fraud charges

Two more co-defendants indicted last November by a federal grand jury have pleaded guilty to participating in Springfield-area mortgage fraud schemes.

Randall Lee Hall and Shanda Lynn Moore, both of Springfield, entered guilty pleas last week in U.S. District Court. Hall was former branch manager for Choice Mortgage, and Moore was a clerical aide at local office equipment dealer Office Concepts.

Hall and Moore 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 have pleaded guilty. The remaining co-defendant, Steven Ray Spencer, of Carl Junction, has pleaded not guilty, but is scheduled to change his plea at a hearing before U.S. Magistrate Judge James England tomorrow.

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 has pleaded guilty to verifying false income and employment information contained in the loan applications used to defraud lenders between January 2006 and February 2007, court records show. No plea agreement has been entered for Moore.

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.