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Brokers Accused of Blatant Fraud
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November 21, 2008
At least four brokers are involved in a 6-person indictment that claims they committed mortgage fraud by purchasing homes with inflated values and divvying up the proceeds to those who participated.
Charles Davis, 34, Cheryl Kassebaum, 42, her husband, Scott Kassebaum, 42, Randall Hall, 59, Shanda Moore, 44, and Steven Spencer have been charged in a 55-count indictment.
Davis was the owner of Master Marketing Consultants and involved in at least 13 mortgage loan transactions ranging from $200,000 to $500,000. Along with the Kassebaums, Davis was also involved in the alleged fraudulent loan transactions of seven houses ranging from $200,000 to $400,000. In addition, the indictment charges Hall and Spencer of being involved in a similar fraud conspiracy surrounding the transactions of nine houses with mortgage loans ranging from less than $300,000 to more than $750,000.
Read story at KY3.com
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