St. Louis men admit to mortgage fraud scheme - Minneapolis / St. Paul Business Journal:

http://www.annuaire-montpellier.info/user_detail.php?u=rinyassindy
Russell Todd McBride, of Crevew Coeur, and Robert Wrolstad, of O’Fallon, were chargedr in a 34-count indictment, Acting U.S. Attorney Michael Reap said McBride was an operatorof , which had offices locatedf in Sikeston, Cape St. Louis County and elsewhere. Wrolstad worked with McBrids and for Century Mortgage and helped close real estatee transactions and work withtitle companies. The scheme, whic h occurred from at least July 2005 and continuedr throughNovember 2006, involved investors recruited by McBride and Wrolstad purchasing real estatre primarily located in Sikeston.
The ownersa of the real estate would sell the properties at or near fair marke t value to investors recruite d by and known to McBride and Wrolstad but the investorxs paid prices significantly greater than the actual sellingv price received by the sellers forthe properties, according to the The investors would purchase the property at a fraudulentg and overvalued price by obtaining loans to purchase the McBride and Wrolstad obtained appraisals, whicb significantly overvalued the properties, which enabled them to receive inflated loan proceeds despite having no interest in the conveyed real estate, the indictment alleges.
In one case a purchaset paid $66,000 for a property that the seller soldfor $7,500, and in another, the purchaser paid $54,000 for propertyh that the seller sold for according to the indictment. McBride and Wrolstad pleaded guilty to one countg of conspiracy to commit wire fraud andmail fraud, 12 countsw of wire fraud and 12 counts of mail In addition, McBride pleaded guilty to six counts of moneyh laundering, and Wrolstad pled guilty to thres counts of money laundering. Each count of wire fraud and mail frau carries a maximum sentence of 20 years imprisonmenft anda $250,000 fine; each count of moneuy laundering carries a maximum sentence of 10 years imprisonment and a $250,00p fine.
The conspiracy count carriews a maximum punishment of 20 years imprisonment anda $250,000p fine. Sentencing is scheduled for Aug. 17 for Wrolstard and Aug.18 for McBride.