The Premiere Website For Police News In Texas

          


 

Collin County Man Sentenced in Mortgage Fraud Scheme
US Attorney, Eastern District of Texas
   
 
More Today's News:
ߦ   ‘It’s Mind Boggling’: Son Beat Parents to Death Inside Family Home, Police Say
ߦ   2 killed, 1 wounded in College Station drug deal gone wrong - VIDEO
ߦ   BACODA Coalition Honored with Resolution
ߦ   Burnet County Sheriff's Office - Inmate/Arrests Summary
ߦ   BUSTED & CUFFED
ߦ   Do you have questions about Zika?
ߦ   Fatal Crash at 3500 Genoa Red Bluff Road
ߦ   Fatality Accident on Ferguson Road
ߦ   Galveston County Battle of The Badges - Sept 10
ߦ   Galveston County Commissioners Court Agenda - Aug 30
ߦ   Have You Seen This Child?
ߦ   Investigation into Fatal Crash at 143 Parker Road
ߦ   Investigation into Fatal Crash at 5800 South Loop East
ߦ   Investigation into Fatal Shooting at 1215 Falcon Street
ߦ   Investigation into Fatal Shooting at 702 Glenburnie Drive
ߦ   Investigation into Fatal Shooting at 8601 John Street
ߦ   Lewisville Police Chief Chosen As Honorary Co-chair For Steak and Stetsons Event
ߦ   Lewisville Police Chief's Weekly Executive Summary
ߦ   Man Confesses in Shocking Killings of Two Mississippi Nuns
ߦ   Media RAGING After City’s Biggest Police Union Awards Sheriff Clarke ‘Man of the Year’
ߦ   Parents upset about 'slavery game' lesson plan - VIDEO
ߦ   Paris Police Dept - Daily Activity Summary - MUG SHOTS
ߦ   Paris Police Dept - Weekend Arrests Summary
ߦ   Police Officer Prays with Flood Victims, Red Cross tells Him to Stop! - VIDEO
ߦ   Shooting at 4501 Columbia
ߦ   T.E. Harman Center Seeks Vendors for Senior Pink Walk, Health Fair
ߦ   Unlicensed Bus Driver Who Triggered Deadly Multi-Vehicle Crash Illegal Alien - VIDEO
ߦ   Widow of Slain Federal Wildlife Refuge Occupier Plans to Sue - VIDEO
ߦ   Employment
ߦ   Police News - Calendar of Events
ߦ   Assistant U.S. Attorney P.J. Meitl Named Prosecutor of the Yearby Texas Narcotic Officers Association
ߦ   Calling All College Students Interested in a Career at the FBI!
ߦ   Calls For Service 08.18.2016 to 08.24.2016
ߦ   City Manager's Update - Aug. 26, 2016
ߦ   Crime Stoppers Alert - Aggravated Sexual Assault Of A Child - MUG SHOT
ߦ   DA's office dismisses 90 cases, examining dozens more
ߦ   Enroll Now! La Marque Police Dept. Citizen Police Academy
ߦ   Fire Department Open House and Fundraiser
ߦ   Fort Worth Firefighter Indicted by Tarrant County Grand Jury
ߦ   Hundreds mourn loss of deputy Darren Goforth, a year after his murder

   Next >>
 
Search Archives:

Davilyn Walston
Public Information Officer/Law Enforcement Coordinator
U.S. Attorney's Office/Eastern District of Texas



Collin County Man Sentenced in Mortgage Fraud Scheme
 
SHERMAN, Texas – A 46-year-old Frisco, Texas man has been sentenced for his role in a mortgage fraud scheme in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
 
Michael Burnham pleaded guilty in July 2013 to conspiracy to commit bank fraud in connection with a FHA insured home loan and was sentenced to 51 months in federal prison today by U.S. District Judge Marcia Crone.  Burnham was also ordered to pay restitution in the amount of $1.3 million.
 
According to court documents, between March and August 2010, Burnham conspired with another individual, Michael Battista, to defraud Flagstar Bank, a federally insured bank.  Burnham agreed with Battista that Burnham would recruit buyers to purchase houses that Battista owned.  As an incentive to purchase the house, Burnham would promise the buyer a cash payment following the closing of the sale.  Battista and Burnham fraudulently overstated the true purchase price of the houses in sales contracts and closing documents.  This caused the buyers’ mortgage lenders, such as Flagstar Bank, to unknowingly fund purchase loans that generated more sales proceeds to Battista than what Battista was purportedly demanding for the houses. Battista then used the excess sales proceeds to pay a kickback to Burnham for recruiting the buyer, and Burnham would make the cash incentive payment to the buyer out of his kickback funds.  The scheme caused a loss to mortgage lenders of more than $1.3 million.  Burnham was ordered to make restitution in that amount to the victims of his scheme.  Battista previously pleaded guilty and has been sentenced for his participation in the scheme.  
 
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force.
 
President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.  The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
 
The case was investigated by the Federal Housing Finance Agency Office of Inspector General and the Department of Housing and Urban Development Office of Inspector General.  The case was prosecuted by Assistant U.S. Attorney Andy Williams.   

 
 
 

Post a comment
Name/Nickname:
(required)
Email Address: (must be a valid address)
(will not be published or shared)
Comments: (plain text only)
Printer Friendly Format  Printer Friendly Format    Send to a Friend  Send to a Friend    RSS Feed  RSS Feed
  Facebook   Share link on Twitter Tweet   Shared 1 times


© 1999-2016 The Police News. All rights reserved.