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Deer pleads guilty to mortgage fraud: Developer Phillips’ attorney faces January sentencing


Posted: 10/20/08 - 12:03:47 pm CDT

McComb attorney Dwayne Deer pleaded guilty in federal court last week to conspiracy to commit bank fraud.
Deer was accused of conspiring with McComb developer Todd Phillips to submit false information to acquire more than $14.5 million in funding for real estate developments throughout Mississippi from more than 20 banks.

Deer pleaded guilty Thursday before U.S. District Judge Tom S. Lee in Jackson.

A Jan. 9, sentencing date has been set for Deer.

Phillips, who pleaded guilty in May to conspiracy to commit bank fraud, faces sentencing next month.

Phillips operates Todd Phillips Investments Inc. and Statewide Realty Holdings LLC.
His business manager, Dawn Stinson, has been charged with misprision of a felony, or failing to report a felony to authorities.

U.S. Attorney Dunn Lampton said in a news release that Deer and Phillips gave false information to lenders and title insurance companies in order to get financing for properties when property they were trying to get loans for were already being financed by another bank.

The FBI and the FDIC Office of Inspector General investigated the case against Phillips and Deer, who were among a slough of others rounded up by federal officials in May in a crackdown on fraudulent mortgages.


Let us know what you think about this story or topic.




Looking forward to Nov. 14 wrote on Oct 26, 2008 7:52 AM:

" I am a family victim of Todd's and I have spoken extensively with the US Attorney's office. Sadly, for what Todd plead guilty to, five years (I understand) is the max! My family will struggle a lot longer than five years to overcome what he has done to us. "

citizen wrote on Oct 21, 2008 12:01 PM:

" to amazed1, it seems you always bring up something concerning race in all your comments. You really need to grow up and quit being so racist. "

To Oh Please wrote on Oct 21, 2008 8:57 AM:

" No I have never been investigated and I an not a family member or friend of the Phillips or Deer-this goes back years ago and ever time I hear or see a certain name I see red. Also I believe the law should be for EVERYONE. But regardless, we will ALL have to face a higher Judge one day and answer for our sins.....and money will not mean a thing "

to Amazed 1 wrote on Oct 21, 2008 8:44 AM:

" Stop playing the race card. It happens the same across all lines. "

Ralph wrote on Oct 21, 2008 6:47 AM:

" I would usually agree with Dickey on the liberal sentencing, but with the current mortgage crisis in America, I believe justice will be served. If not, we the people have the ability to get the officials out of office that back these guys. "

Here in Iraq wrote on Oct 21, 2008 1:01 AM:

" I think its a shame that these folks can do this type of crime and nothing happens to them i am outraged that this is what i am fighting for over here. im am very sadden indeed. "

Peanut gallery dweller wrote on Oct 20, 2008 6:12 PM:

" I'm wondering if he will be disbarred. An officer of the Court, believe it or not, is indeed held to a higher ethical standard than us regular Joes. He knew better and should lose his license to practice law. "

Shadow wrote on Oct 20, 2008 6:03 PM:

" I would think that whoever did the appraisals of those properties ought to go to jail. They had to have bogus appraisals to go with their financing package. "

amazed1 wrote on Oct 20, 2008 5:32 PM:

" 3 months community service and a $2500 fine is nothing, but thats what happens to white boys or men nothing. "

2000 Miles Away wrote on Oct 20, 2008 4:15 PM:

" Dickey, Do you think it will be that tuff? "

to Dickey wrote on Oct 20, 2008 3:54 PM:

" I agree. But, don't forget......they will likely have to get a GED. That is usually in the line of the punishment they receive. It doesn't matter what form of formal education they already have - just get a GED. Some judges think that fixes all the problems. "

Amazed wrote on Oct 20, 2008 3:16 PM:

" You know, if these two men do get a sentence like "Dickey" wrote it would be a total failure of our justice system. In fact we still do have a justice system here in Mississippi. "

FOR JUSTICE wrote on Oct 20, 2008 3:01 PM:

" This is part of the mortgage crisis that was a big player in the financial demise that we have faced and are in here in the USA. I hope that the judge THROWS THE BOOK at these two men, especially Deer, who was a "trusted" officer of the court. The time they have to serve should be severe enough so that NO other person would take a risk at doing such a horrible thing. "

TAZ wrote on Oct 20, 2008 1:45 PM:

" I wonder if anyone has ever investigated tom lee? "

Dickey wrote on Oct 20, 2008 1:26 PM:

" Now that they've pleaded guilty, and they are, the sentence will most likely be real tuff ~ 3 months community service, and a $2500 fine. "

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