Mary Reagan, 41, of Alpharetta, Georgia and principal of The Reagan Law Group, was sentenced yesterday to nearly five years in prison plus ordered to pay some $4 million in restitution for mortgage fraud. According to authorities, between mid-2004 and June 2006, Reagan closed millions of dollars in mortgages based upon inflated valuations or fictitious "straw" buyers. She then transferred the funds to co-conspirators by falsifying HUD-1 settlement statements and other documentation. Reagan's co-conspirators named in the indictment were Adriene Newby-Allen, aka Cassandra Miller, 41, of Alpharetta, Georgia, Brinson Allen, 40, of Alpharetta, Georgia and James Howard Bailey, III, 37, of Houston, Texas. Reagan plead guilty in July 2008, shortly before she was to go on trial.
Read the story here, here and here.
Read the DOJ indictment announcement here.
Read the FBI sentencing announcement here.
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