A federal mortgage fraud case in Hattiesburg, Miss., against eight defendants is slated to start July 24, media accounts said.

The U.S. District Court could take up to four weeks to try, according to documents on file in the Hattiesburg Division clerk’s office, the Hattiesburg American reported April 30.

The trial of Richard B. Lucas and seven other defendants is to start July 24 with Judge Keith Starrett presiding and is likely to hinge on former partners testifying against each other, media accounts said.

The trial of Richard B. Lucas, Phillip N. Weary, Kimberly A. Castle, Kenneth Stalnaker, Loretta Joy Champ, William V. Fairley, also known as William Vaston, Jafus Jones Jr., and Kristy N. Packer is scheduled to begin July 24, media reports said.

These eight individuals, along with Malcolm C. Clark and Marcy R. Irby, were indicted on Feb. 16, 2006, on 12 counts relating to conspiracy to commit bank fraud and wire fraud, accounts said. Lucas, Weary, and Castle were also charged with conspiracy to commit money laundering, accounts said.

The nine-page indictment sets out a complicated scheme involving inflated real estate appraisals, false applications for bank loans and “purchasers” who were given money to use for down payments and quick re-sales of the property, known as flipping, accounts said.

Show Comments Hide Comments

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.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
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