Industry News

First indictments made under Georgia’s anti-mortgage-fraud act

Four accused of conspiring in alleged scam
Published on Dec 2, 2005

The first four people to be prosecuted under Georgia's new Residential Mortgage Fraud Act, were indicted this week by a Gwinnett County, Ga., grand jury, media accounts said. Jason Edward Brenner, 32; James Reuben Price, 48; Charlie Reed Smith Jr., 36; and Tara Shemail Webb, 33, each face three counts of residential mortgage fraud, according to reports. The four alleged co-conspirators are accused of inflating a home appraisal to steal from a bank, accounts said. The four were accused of trying to secure a loan for $205,000 even though the house they planned to buy on Atwood Street in Atlanta was valued at $140,000, police told the Gwinnett Daily Post. The suspects, including a buyer, broker, real estate agent and an investor, allegedly inflated the price by placing $60,000 worth of fake liens on the house to funnel money into a "shell" mechanic's business, Attorney General Thurbert Baker said during a press conference in June, the Daily Post reported. In June, the suspects accused...