Industry News

Ohio women indicted in alleged down-payment scheme

Pair accused of bank, mail, wire fraud

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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...