Industry News

Three Atlantans arrested for real estate loan fraud

Arrests made in one-week period

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Three arrests related to alleged mortgage fraud schemes were made in one week at the scene of two separate real estate closings in Fulton County, Ga., officials said last week. Damon J. Robinson, 35, was arrested March 21 when he arrived at a closing attorney's office in Alpharetta to finalize the purchase of a $225,000 house in southeast Atlanta, according to Fulton County District Attorney Paul L. Howard Jr. and City of Atlanta Police Chief Richard Pennington. Prior to the closing transaction, officials alleged, Robinson had submitted forged Wachovia Bank statements in connection with his loan application to the AmTrust Mortgage Corp. According to Robinson's allegedly falsified statements, he had nearly $450,000 in his bank accounts, officials said. These bank statements contained numerous inconsistencies, however, which were detected by AmTrust's Quality Control Department, according to officials. The problem was reported to the District Attorney's Mortgage Fraud Unit and the Poli...