Industry News

Former lawyer extradited in real estate fraud case

Man allegedly participated in $3 million loan scam

A former lawyer wanted on fraud and money-laundering charges has been brought back from Brazil to face the music in an alleged $3 million scam, the U.S. Attorney for Middle Tennessee said. George Nason, a former Nashville, Tenn., attorney, is one of 11 people named in a 2002 federal indictment in connection with the former Loan Ranger company, the office of Jim Vines, the U.S. Attorney, said. Nason is charged with conspiracy to defraud mortgage loan companies and financial institutions, mail fraud, bank fraud, money laundering and false statements to financial institutions. He could be sentenced to as many as 30 years in prison and fined as much as $1 million. According to prosecutors, Nason and his alleged henchmen bought properties, then sold them to straw buyers at inflated prices. The straw buyers allegedly borrowed from banks and mortgage lenders and then were allegedly paid $10,000 per sale for helping in the scam. The 13 loans targeted in the federal indictment total more ...

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