Industry News

Mississippians plead guilty in real estate fraud

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Two people accused in a mortgage fraud scheme in the Hattiesburg and Laurel areas of Mississippi pleaded guilty to federal charges on Friday, Associated Press reported. Michael T. Cox, of the Oak Grove, Miss., area, and Jacquelyn B. Mosley, of Hattiesburg, Miss., each pleaded guilty on Friday for their roles in a mortgage conspiracy, according to the U.S. Department of Justice, reports said. Cox acknowledged preparing fake financial statements between December 2000 and November 2002, and Mosley admitted preparing false and inflated property appraisals, the DOJ said, according to reports. Ten people allegedly involved in the so-called scam were named last month in a separate federal indictment, which outlines what the DOJ describes as a scheme to inflate appraisals and use fraudulent documents to obtain mortgage loans. As part of their pleas, both Cox and Mosley said Friday that they conspired with Richard Lucas, who was charged separately in the alleged mortgage scheme, AP reported. ...