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Forgery Fuels Commissions
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January 14, 2009
A 34-year-old woman pleaded guilty to charges relating to a subprime mortgage fraud scheme. She forged documents and changed applicant information in order to get unqualified borrowers’ loans approved, and big commission checks.
Nicole Lyder was sentenced to two years for the fraud she committed on several unqualified loans. Lyder was employed at Lehi Mortgage Services Inc. at the time of the investigation which examined loans she originated while working at Fremont Investment & Loan Inc. of Brea. Calif. for properties in Massachusetts.
Investigators found forged business certificates that contained false information regarding financial status of the homebuyers. She also exaggerated financial information in order to get the borrowers qualified and collected thousands of dollars in commissions.
Lyder also altered a former client’s bank statement and submitted it as her own to secure a car loan on a $63,000 Land Rover.
Read story at BizJournals and The Boston Herald
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