California Man Pleads Guilty to $8.5 Million Mortgage Fraud of Defunct Bank – NMP Skip to main content

California Man Pleads Guilty to $8.5 Million Mortgage Fraud of Defunct Bank

NationalMortgageProfessional.com
Feb 07, 2012

Beth Phillips, U.S. Attorney for the Western District of Missouri, has announced that William Troy Goings of Sacramento, Calif. pleaded guilty in federal court to his role in a mortgage fraud scheme that defrauded a failed Sugar Creek, Mo., bank, American Sterling Bank, of more than $8.5 million. Goings pleaded guilty before U.S. District Judge Gary A. Fenner to participating in a conspiracy to commit wire fraud. With his guilty plea, Goings admitted that he defrauded American Sterling Bank in a scheme that lasted from Oct. 11, 2006-Jan. 18, 2007. American Sterling Bank was closed on April 17, 2009. Goings acted as a finder for a California mortgage broker by recruiting borrowers and preparing loan applications for those borrowers. Goings submitted fraudulent loan applications and supporting documents that contained false information about the borrowers’ income, assets and liabilities, and credit history. As a result of the fraud scheme, American Sterling Bank approved loans totaling $8,587,893 for 19 properties in California. Goings received approximately $99,408 from the scheme. Under federal statutes, Goings is subject to a sentence of up to 30 years in federal prison without parole, plus a fine up to $1 million and an order of restitution. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.
Published
Feb 07, 2012
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