Posted by John Schenk on 8/25/09 5:13pm
Msg #301622
Mississippi nails two Rescue Fraudsters
Jackson (MS) couple plead guilty in bankruptcy/foreclosure rescue fraud
DateTuesday, August 25, 2009 at 10:21AM
In the following press release Stan Harris, Acting U.S. Attorney for the Southern District of Mississippi, U.S. Trustee R. Michael Bolen, and FBI Special Agent in Charge Frederick T. Brink announced that Robert E. Power, Jr. pled guilty in U.S. District Court today to conspiracy to commit bank and wire fraud, and bankruptcy fraud. Deaundrea Power pled guilty to misprision of a felony for failing to report bankruptcy fraud committed by Robert E. Power, Jr.
Robert E. Power, Jr. and his wife, Deaundrea Power, doing business as Yorkshire Financial Services, targeted homeowners at risk of foreclosure, representing to the homeowners that in exchange for transfer of their property to Yorkshire and a monthly rental payment, Yorkshire would negotiate mortgages or refinance mortgages to allow the homeowner to remain in their home. The Powers would then place the property in bankruptcy unbeknownst to the homeowners and either the home would eventually be foreclosed upon, or sold through straw buyers, via fraudulent loans where the Powers would obtain cash money from the sale. As a result of the Powers’ actions, the homeowners lost their homes while the Powers gained a profit from the fraudulent activity.
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Additional Materials
* Press Release
* Indictment
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The indictment shows that two of the properties involved were:
5117 Ridgewood Road, Jackson, MS
211 Alice Scott Drive, Canton, MS
Both properties subsequently went into foreclosure.
The Powers are scheduled to be sentenced on November 5, 2009 at 9:00 a.m. before U.S. District Judge Tom S. Lee. Robert Power faces a maximum penalty of 10 years in prison and a $250,000 fine, while Deaundrea Power faces up to three years in prison and a $250,000 fine.
http://www.mortgagefraud.org/journal/
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