Trial date is set for Elland, the Texas man charged with mortgage fraud

Alvin Mark Elland, 45, Houston, Texas is the former owner of Future Mortgage Company Inc. He was proceeding to trial earlier in 2010 after he pleaded not guilty to theft changes from his claimed role in a mortgage fraud scheme. The trial is set to begin August 31, this year.

Elland and Ming Shan Zhu the owner of Catco Homes and Gary Leonard Robinson, a former Future Mortgage Company Inc. employee are charged with mortgage fraud scheme, that caused $7 million loss to lenders in the Houston, Texas area.

The team was active for about 2 years starting in 2004, when Elland, Robinson and Zhu located properties for sale in Houston, Texas. Elland and his partners then recruited some individuals with good credit score. Their role was to act as borrowers in applications for residential mortgage loans to purchase one or more of these properties. They were paid in cash and informed that the properties will be rented out for a year.After that Elland and Zhu would then sell the home at an inflated price, determined by Zhu and they would end to have a significant profit.

Elland told each borrower he would buy the home in his name, and take care of the monthy payments. Elland and Robinson completed Residential Loan Applications in the names of the borrowers that overstated their employment income and other assets, omitted or understated their debts and falsely represented the borrowers leased the homes. They are accused of submitting and causing to be submitted false and raudulent documentation.

Zhu, Robinson and Elland are charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, and money laundering. They surrendered to federal autorities and after the hearing before Magistrate Judge Stephen Wm. Smith Zhu and Robinson were released upon posting a $5,000 cash deposit of a $50,000 bond into the registry of the court pending trial in this case.

Posted by Istvan Fekete on Aug 13 2010. Filed under Lending. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.