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Manufactured Homes, Fabricated Loans and Dropped Charges
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April 10, 2009
The manufactured home business owner and vice president of a mortgage company who just pleaded guilty to one count of conspiracy to commit wire fraud might have had help. The FBI had arrested seven people, but charges were dropped against six people charged in the case.
Keith Steven Raybon, 46 and Jeannie Nelson, 34, face up to five years in prison and a fine not to exceed $250,000. Raybon and Nelson admitted to depositing their own money to help secure loans for borrowers with ABN Amro Mortgage Group Inc. and National City.
Heather Adams was a former employee with Old Republic Title Company of Conroe and was named in the original indictment. Her mother, the former president of Old Republic, has publicly criticized how the case and arrest was handled.
Prosecutors also dropped the charges against Michael Davis, Michael David Grimes, Holly Dewayne Heasley, Holly Heasley Arbuckle, Patricia Lennon and Kandy Powell.
Read story at HCN Online
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