Jun
08

NC Attorney Pleads Guilty to $18M Mortgage Fraud

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go to jailA North Carolina attorney and real estate developer is facing a maximum sentence of 30 years after pleading guilty to bank fraud charges relating to a mortgage fraud scheme that is anticipated to cost various lenders, title insurers and investors at least $18 million.

According to the U.S. Attorney’s Office for the Eastern District of North Carolina, Joseph Kinlaw, 63, pled guilty this week to charges stemming from a scheme that saw Kinlaw allegedly falsified property information in order to obtain several loans from BB&T and First Citizens Bank under the auspices of developing residential real estate near Camp Lejeune, a Marine Corps base in North Carolina.

In a release, the U.S. Attorney’s Office stated that Kinlaw was a licensed North Carolina attorney who operated various alleged real estate investment and development entities on behalf of investors.

According to the release, Kinlaw used those entities to obtain fraudulent loans from BB&T and First Citizens Bank, between January 2011 and April 2013.

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Categories : North Carolina News

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