Charlotte, N.C. Broker Sentenced For Fraud
How to go to prison for 3 years? Persuade buyers to buy foreclosed propertied and lie about your income, down payment, sales prices, and shoe size. That is what a broker was doing in the Charlotte. North Carolina region was doing. My question is, in such a hot real estate market, why would you need to do something like this?
Records show that Theresa Lewis, former owner of Realty One, told buyers they didn’t need down payments, that mortgages would be covered by rental payments and the properties could be re-sold at a profit.
Mortgage loan documents were riddled with false statements such as sales price, buyers’ incomes and source of down payment, records show. Many of the properties were eventually foreclosed on by lenders, records show.
Lewis pleaded guilty last year to bank fraud, mail fraud and money laundering in the mortgage schemes.
U.S. District Judge Graham Mullen handed down Tuesday’s sentence, which also ordered Lewis to pay $42,000 in restitution. via newsobserver.com
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Tom,
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Edward
Thanks for the clarification. Great stuff!
Tom 
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