Industry News

Ohio women indicted in alleged down-payment scheme

Pair accused of bank, mail, wire fraud

Two Ohio women were indicted Wednesday in the Southern District of Ohio for alleged bank, mail and wire fraud and conspiracy to launder money in connection with a scheme that allegedly involved fraudulent down-payment assistance to buyers. According to the indictment, Stephanie Corsmeier and Stacey Lester "facilitated the transactions involved in the scheme to defraud." In response, in a statement, Stephanie Corsmeier, Stacey Lester and American Security Title Co. denied the allegation that they participated in, or conspired in, mortgage fraud schemes. The indictment claims that Corsmeier owned and operated a real estate title company, American Security Title, in Ohio, where she employed Lesteras as a disbursement clerk. From Jan. 1, 2000, through Dec. 31, 2004, according to the indictment, the defendants worked with alleged co-conspirator loan officers to facilitate a "down-payment-assistance" scheme. The alleged scheme involved recruiting home buyers to purchase real estate and fin...

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