Deer pleads guilty to mortgage fraud: Developer Phillips’ attorney faces January sentencing
From staff reports
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.
|
Your comment may not
immediately appear on this Web site. We appreciate your patience.
|
|
|
|
|
Looking forward to Nov. 14 wrote on Oct 26, 2008 7:52 AM: