Tyler, Texas Woman Sentenced in Mortgage Fraud Scheme

Receives 18 Months in Prison and Must Pay $337k in Restitution

TYLER, Texas, March 25 /PRNewswire-USNewswire/ -- U.S. Attorney John M. Bales announced today that a 47-year-old Tyler, Texas woman has been sentenced to federal prison for a mortgage fraud scheme in the Eastern District of Texas.

Tahmeane Elrod pleaded guilty on Nov. 4, 2009, to conspiracy to commit wire fraud and was sentenced to 18 months in federal prison on March 24, 2010, by U.S. District Judge Michael H. Schneider. Elrod was also ordered to pay restitution in the amount of $337,709.58.

According to information presented in court, in September 2007, Elrod devised a scheme to defraud mortgage financing companies by submitting false documents in order to qualify for mortgages for the purchase of a residential property. Elrod falsely inflated levels of earned income and forged signatures on a Request for Verification of Employment form as part of a loan application package. A federal grand jury returned an indictment on May 6, 2009, charging Elrod with conspiracy to commit wire fraud.

This law enforcement action is part of President Barack Obama's Financial Fraud Enforcement Task Force.

President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

This case was investigated by the FBI and prosecuted by Assistant U.S. Attorney Frank Coan.

SOURCE U.S. Department of Justice

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