He walked in the door to Money Stop – a check cashing business – handed over a check for $62,000 and walked out with fifty-one $1,000 money orders, a money order for $365 and $9,992 in cash. When he walked out he had completed all that was necessary to effect bank fraud and earn a slot in federal prison.
Licensed real estate agent John Turner Jr., 52, has been sentenced to 18 months in federal prison for bank fraud and engaging in monetary transactions with criminally derived property stemming from a mortgage fraud investigation. In addition, Turner was ordered to pay a fine of $2,000 and serve a term of 3 years supervised release.
According to the US Attorney’s news release:
Turner arranged for a straw borrower to purchase the residence located on the 1600 block of Cherry Ridge Drive in Houston. Turner amended the purchase contract, instructing the title company to disburse $62,000 of the loan proceeds to a remodeling company of the buyer’s choice, ostensibly for repairs and upgrades to be made at the residence.
First National Bank of Arizona funded the $213,377 mortgage loan Nov. 17, 2006. At closing, Turner submitted a $62,000 false invoice in the name of First Class Construction Inc., for repairs and remodeling. The title company and First National Bank of Arizona were unaware that First Class Construction, Inc., was owned by Turner nor that the repairs and remodeling had not been done and would never be done.
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 Turner may have looked good for a time and avoided the consequences – he did not avoid the consequences all together. Prison is no fun and Turner is facing over a year in prison for his conviction. Serving time will prove to be a dramatic change from his prior activities. You do reap what you sow.
If anyone reading has any background on Turner – 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…