Prison – 5 Years – S.C. Man Sentenced for Mortgage Fraud says Ethics Speaker Chuck Gallagher

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Kyle Wimmer of Rock Hill, South Carolina was sentenced in Federal Court for bank fraud and money laundering to 63 months in federal prison and was ordered to pay $4 million in restitution.

http://www.mortgagefraudblog.com/images/uploads/SCWimmerIndictment.pdf

A quote from the mortgage fraud blog follows: “According to the Indictment and evidence presented in court established that Wimmer devised a real estate investment scheme to defraud his investors and upstate lending institutions. Wimmer recruited investors to purchase distressed houses that he promised would be fixed up and rented. He then inflated investors’ financial information to make them appear more creditworthy than they really were, in an effort to qualify them for mortgage loans from banks to purchase the investment properties. At the same time, Wimmer grossly inflated the value of the investment properties, so that banks would lend more money than the properties were actually worth. Wimmer then skimmed profits from each deal, failing to repair or rent the properties as he promised. As a result, Wimmer was able to fraudulently obtain over $4 million dollars in illicit profits.”

According to the FBI’s list of typical fraud schemes, Wimmer used several to perpetrate his fraud. Backward Application: Wimmer fraudulently created fake income designed to meet the lenders loan criteria. Nominee Loan: Wimmer used outside borrowers to conceal his identity and hence his fraud.

The FBI states, “Mortgage Fraud is one of the fastest growing white collar crimes in the United States. Mortgage Fraud is defined as a material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase, or insure a loan.”

Every choice has a consequence.

Having suffered the consequences of bad choices, I can say that Wimmer will find his stay in prison eye opening. Having lost everything, Wimmer will get a chance to reflect daily on this seveal year stint of fraud.

Speaking from experience it isn’t worth it.  YouTube   When he first walks into federal prison, goes through processing and is escourted to his cell…he’ll being a soul searching process of understanding that crime doesn’t pay.

Mortgage fraud is rampant. If you have been a victim…your comments are welcome. Likewise, if you’ve been punished for such crimes – share your experience.

Business Ethics Speaker – Chuck Gallagher signing off…

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9 Responses to Prison – 5 Years – S.C. Man Sentenced for Mortgage Fraud says Ethics Speaker Chuck Gallagher

  1. As a side note, what I failed to mention in the blog posting is that not only is Wimmer ordered to serve over 5 years in prison, but Judge Henry M. Herlong, Jr. ordered him to pay $4 million in restitution. My guess, based on this order is that Mr. Wimmer won’t be keeping the property you mention in your comments. And, by the way, thanks for reading the blog. I appreciate your comments.

  2. Ricky Craig says:

    Please remove my comment.

  3. none of your buisness says:

    listen you lowsey moron i know he is a better person than you made him out to be and i will not sit down on this case untill i have the charges put to a rest and have him found innocent of a crime that is not supposed to be in his hands only when more have been involved.

    1. if this was a money laundering situation howcome he is just now found out
    2. the maximum penalty is 3,500,000 dollars and up two 4 years in jail.
    3. the evidence is substancial but one key element is missing how could this be liable charges with out consent of a full investigation twords the lender for not doing their job of going back through to check for a positive check to what the money is going to be paid out to.
    4. and by the way if hte loan was properly issued out to him as many times as it was how could this have not be reconized unless set up by a inside man who had know this and with held all knowledge until a large amount of charges have been vrought apon him

  4. Forgive me if you interpreted my blog as making Mr. Wimmer out to be a bad person. According to the law he is a person who made a mistake and will pay for that mistake with 63 months in federal prison. Having been there myself, I know what he’ll face and it won’t be fun.

    Perhaps more than one is involved. It doesn’t change the fact that he was found guilty. You do reap what you sow. Just because others were purportedly involved doesn’t absolve someone (Mr. Wimmer) of the crime and punishment.

    Hopefully, he’ll learn while incarcerated that every choice has a consequence and when released will make better choices.

  5. T says:

    I am a victim of Kyle’s crimes and because of what he did to me and my credit with his lies, my children and myself were almost homeless. Kyle knew what he had done to me and stopped taking my calls. He deserves every day he will be in jail for what he did to me and my family and all the other families he drug into his scam!

  6. Denny says:

    I am glad to see that kyle wimmer got his just dues. I also was scammed by this scam artist and like the previous person I to lost my excellent credit history and he put me and my family thru hard time. I hope that his family figures ouy what a piece of work he is and leaves him and that someone makes a nice boy toy out of him in prison.

  7. Wes says:

    I too was scammed by this slimeball , he almost cost me my marriage let alone my credibility. anyone that has had dealings with him knows he pleaded guilty to keep the rest of his family out of trouble, i really think 63 months is a small amount of time for a crime of this nature 4,5 million dollars probably is just a percentage of what was really stolen from banks as well as innocent people, Ithink he should serve everyday of the sentence and be forced to sell all he owns to pay his debt

  8. Kim says:

    I think this man is now doing carpet installations and is still scamming people. We paid for new carpet and padding. They did a crappy job and later realized that he did not replace the padding that was promised. He is still a fraud and scam artist.

    • Debbie says:

      Yes he is and using his children’s name on his business to get away with it! Two sons Carpet. He also has bank accounts in their name also, he gets away with it because him, his father and his oldest son have the same name…Kyle Edward Wimmer. I can’t believe his family stands behind him being Christian’s as they claim to be.

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