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Jury Deliberates Mortgage Fraud Case
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May 20, 2009
A jury trial that included 20 witnesses and 300 exhibits is wrapping it up with deliberations on the guilt or innocence of one man that claims the blame has been shifted on to him, but the fraud was committed by others.
Richard N. Garries of Newport News, Va. is accused of falsely inflating income information and assets in order to secure mortgage loans for borrowers. Garries faces 20 years in prison, if convicted on the 24 charges, which include wire fraud, mail fraud money laundering, making false statements and concealing transactions.
Prosecutors said that Garries, while working at First Security between 2005 and 2008, also used the assistance of his 19-year-old daughter to sign checks and to make bank deposits in $10,000 increments to avoid raising suspicion.
Read story at The Daily Press
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