OKLAHOMA CITY (KFOR) – A former president of an Oklahoma Metropolis-based mortgage firm has pleaded responsible to defrauding two locally-based banks, Fannie Mae, and others over the course of three years.
Officers say 70-year-old Ronald J. McCord was the previous president of First Mortgage Firm, an Oklahoma Metropolis-based mortgage lending and mortgage servicing firm.
In response to the federal indictment, McCord was accused of defrauding Spirit Financial institution and Residents State Financial institution.
Officers say McCord had offered greater than $14 million in Spirit/Mortgage Cop. and Residents/Funding Corp. loans ‘out of belief” when he did not repay the shoppers’ loans after they had been refinanced or in any other case paid off.
In reality, the indictment alleges that McCord would “double fund” some loans by acquiring funds from each monetary establishments for a similar mortgage.
The indictment additionally claims that McCord defrauded Fannie Mae by diverting escrow monies meant to pay householders’ taxes and insurance coverage to cowl FMC’s working bills. In consequence, Oklahoma Metropolis householders missed making their tax funds.
“The indictment additional alleges that McCord laundered the stolen escrow monies by utilizing the funds to put in writing himself checks, pay greater than half the acquisition value of his son’s $900,000 Oklahoma Metropolis dwelling, and construct a customized trip dwelling in Colorado,” a launch from the USA Lawyer’s Workplace within the Western District of Oklahoma learn.
On Monday, McCord pleaded responsible to 5 counts of the indictment, together with financial institution fraud, cash laundering, and false statements to a monetary establishment.
McCord faces as much as 30 years in jail and a fantastic of as much as $1 million on every financial institution fraud and false assertion to a monetary establishment cost. He additionally faces as much as 10 years in jail and a $250,000 fantastic on the cash laundering depend.
As a part of the plea settlement, the federal government agreed to not advocate for a sentence above 104 months. Beneath the settlement, McCord will even be ordered to pay restitution to the victims in quantities to be decided by the courtroom.
Powered by WPeMatico
