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Upscale Development Target of Fraud Scheme

 
January 19, 2009


An attorney, the first to plead guilty in a multimillion-dollar mortgage fraud scheme, has agreed to close his law practice as part of the plea deal.

Troy Smith could still face prison time for his role in the scheme that include seven home sales with inflated prices in an upscale home development in Charlotte, N.C. The homes sales prices were inflated between $200,000 and $500,000 above the actual sales price and the difference was split among the conspirators.

Smith’s attorney contends that he was just the attorney who closed the deals and was only compensated a closing fee in the dealings, suggesting that Smith was not privy to the fraudulent activity.

Charges have been filed against another attorney involved in the scheme and prosecutors are expecting many more before the case is closed. Local FBI Agent Tim Halodik said the fraud in Charlotte and around the country is a growing problem. In 2003, the agency had about 400 open cases and now in 2009, they have about 1,800 cases.

Read story and watch video at WSOC TV News


 
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