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March 24, 2009
Five men have been ordered to forfeit millions of dollars in order to payback the victims of their mortgage fraud scheme. At least three of them have to pay over $5 million a piece.
David R. Bolick and Steven Wells Cloward signed stipulations that require the men pay a money judgment of $5,506,000. Ron K. Clarke will pay $5,406,000 and Jeffery David Garrett will pay $100,000, according to their stipulations. Bradley Grant Kitchen, the fifth defendant, signed a stipulation that is in the process of being filed.
The five men all pleaded guilty to various charges relating to a mortgage fraud scheme that involved up-scale homes in a Provo Riverbottoms neighborhood in Utah. They were accused of conspiring to fraudulently inflate market values with false appraisals and used straw buyers to obtain at least $18 million in proceeds.
Read story at Deseret News
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