Mortgage Fraud Kingpin – Torrence James – Sentenced to Over 12 Years In Federal Prison for Massive Mortgage Fraud Scheme!

You reap what you sow. That statement is true and Torrence James one of two organizers of a mortgage fraud scheme was sentenced to over 12 years in federal prison for his masterminding role.

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JAMES’ plea agreement, from August 10, 2004 through May 4, 2006, the defendant, along with others, including co-defendant RONALD FONTENOT, participated in and conducted a scheme to obtain loan proceeds from lenders using false statements and representations to such lenders in connection with the purchase and sale of real estate. It was the object of the scheme to acquire, control, and profit from residential real properties by fraudulently securing real estate purchases, typically through the use of straw purchases. The FBI has issued in their report on mortgage fraud that the use of “straw buyers” is a common ploy used in mortgage fraud schemes.

According to the US Attorney’s news release: JAMES and FONTENOT were the “organizers” of the scheme, which resulted in a loss to lenders totaling approximately $3,700,000. On certain properties, the defendant was also found to have assisted in arranging for the respective borrower to secure and use a stolen identity to purchase the home.

 

“Mortgage fraud adds to the underground economy that erodes the integrity of our tax system and threatens the financial health of our communities,” said Terry L. Stuart, Special Agent in Charge, IRS Criminal Investigation, Denver Field Office.

JAMES was one of seven defendants charged as part of this mortgage fraud scheme. NICOLE PULLER was sentenced to serve 34 months in federal prison. GLENN PULLER was sentenced to serve 12 months in prison. TALITA JAMES was sentenced to serve 24 months in federal prison. TAIWAN LEE was sentenced to serve 30 months in federal prison, CINDY INGRAM was sentenced to serve 28 months in prison. RONALD FONTENOT was sentenced to serve 72 months in federal prison.

 

Every choice has a consequence. As a white collar crime and business ethics speaker, I speak from first hand experience about the truth about consequences. Reality is – no one escapes the consequences of their choices. While JAMES and FONTENOT avoided the consequences for a time – they did not avoid the consequences all together. Prison is no fun and will prove to be a dramatic change from their prior activities. You do reap what you sow.

If anyone reading has any background on any of the above or were scammed by them – feel free to comment as I study the behaviors and backgrounds of those convicted of white collar crime.

White Collar Crime Speaker – Chuck Gallagher – signing off…

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One Response to Mortgage Fraud Kingpin – Torrence James – Sentenced to Over 12 Years In Federal Prison for Massive Mortgage Fraud Scheme!

  1. […] https://chuckgallagher.wordpress.com/2008/03/27/mortgage-fraud-kingpin-torrence-james-sentenced-to-ov…NICOLE PULLER was sentenced to serve 34 months in federal prison. GLENN PULLER was sentenced to serve 12 months in prison. TALITA JAMES was sentenced to serve 24 months in federal prison. TAIWAN LEE was sentenced to serve 30 months in … […]

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