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Bank of America Targeted in Myrtle Beach Fraud Indictment

NationalMortgageProfessional.com
Oct 27, 2011

U.S. Attorney Bill Nettles has announced that Robert Daniel Kelly of Branford, Conn., has pled guilty before U.S. Magistrate Judge Holly B. Fitzsimmons in Bridgeport, Conn., to two counts of filing a false loan application in connection with a mortgage on property in North Myrtle Beach, S.C. According to court documents and statements made in court, Kelly applied for and received several loans for the purchase and refinance of homes in the Myrtle Beach area of South Carolina. In pleading guilty to two counts of filing a false loan application, Kelly admitted that, in September 2007, he applied for and received mortgage loans from Bank of America on two properties located on Havens Drive in North Myrtle Beach, S.C. These applications contained misstatements, including that Kelly’s income exceeded $83,000 a month when, in fact, his income was a fraction of that amount. Bank of America subsequently foreclosed on both properties and suffered losses of several hundred thousand dollars. Kelly faces a maximum term of imprisonment of 30 years and a fine of up to $1 million. Kelly also faces an order of restitution in the amount of at least $959,002.03. Kelly was originally investigated in and indicted on Jan. 25, 2011 by a federal grand jury in the District of South Carolina. The U.S. Attorney’s Office in South Carolina transferred the indictment to the District of Connecticut for entry of a guilty plea.  
Published
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