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April 6, 2009
A California couple has pleaded guilty to running a mortgage fraud scheme that included convincing church members to invest in hard money loans.
Terrance George Tucker, 64, and Sonya Tucker, 64, had previously run Tucker Mortgage in Thousand Oaks and San Diego and then took their mortgage fraud scheme on the road, living in a million-dollar motor home.
Prosecutors said the scheme generated more than $31 million while defrauding Washington Mutual, Wells Fargo, Bank of America, Chevy Chase Bank and Downey Savings. Hard-money loans were given by friends and fellow Mormon church members in the amount of $4.5 million. Most of the loans were never repaid, prosecutors said.
The couple is to be sentenced on July 13. Prosecutors are calling for the motor home to be forfeited.
Read story at Ventura County Star
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