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Former LO Indicted on Flipping Charges
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February 20, 2009
A former loan officer is accused of recruiting two straw buyers, flipping one property twice and diverting the proceeds into his own company.
Deandrea Robinson, 33, has been indicted on mortgage fraud charges stemming from two real estate transactions between 2004 and 2005. A former loan officer for Homeland Financial Group in St. Louis County, Robinson is charged with falsely inflating the straw buyers' income and assets in order to obtain financing on the subject property.
Robinson collected about $178,000 from the scheme though his businesses JD Consulting and DCR Investments. If convicted, he faces a maximum of 20 years in prison and fines up to $250,000.
Read story at BizJournals
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