A Texas man wanted in connection with an alleged mortgage fraud scheme involving the mansion once owned by a well-known ex-Dallas Cowboy has been arrested, Dallas CBS 11 News reported Monday.

Oltha Austin was arrested following a high-speed chase with the Irving, Texas, police, reports said.

Police told CBS 11 they had been looking for Oltha Austin Jr. for some time. Austin has been on the run since last August, according to prosecutors, when he was indicted in a mortgage fraud scheme that allegedly got him a more than $2 million Plano, Texas, mansion.

The mansion used to belong to former Dallas Cowboy Deion Sanders, according to reports.

“I think Mr. Austin has some explaining to do on the charges he faces,” Shamoil Shipchandler, assistant U.S. Attorney for Plano, told CBS 11.

Austin was indicted in August 2005 on one count of mail fraud and one count of wire fraud. According to the indictment, Austin completed a mortgage application on behalf of his mother to purchase a property in Plano.

The indictment says that Austin falsely represented that his mother had a trust fund with a balance of $5.75 million with monthly disbursements of $115,000. According to the indictment, Austin signed the name of his mother to the loan application as her agent and attorney in fact and obtained a $2.03 million mortgage on her behalf.

After this took place, a Denver firm allegedly approved the loan to Austin’s mother, the indictment says.

Austin will appear in federal court again next month. If convicted, he faces a maximum penalty of 20 years in prison on each of the two counts filed against him.


Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Hear from Realogy, Pacaso, SERHANT., Spotify, Redfin, Douglas Elliman, and 100+ more leaders at ICNY.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription