Dossey Richard, Lovie Hobbs,Montra McKenzie,Cyrus Davis charged one count of conspiracy to commit wire fraud based on a mortgage scheme

charged Dossey Richard, 36, of Atlanta, Lovie Hobbs, 47, of Lithonia, Montra McKenzie, 29, of Atlanta, Cyrus Davis, 42, of Atlanta, Marcus Vickers, 35, of Ellenwood, Rayshaun Harmon, 27, of East Point and Michelle Davila, 35, of Atlanta, of one count of conspiracy to commit wire fraud based on a mortgage scheme. <br />The complaint, filed June 18, alleges the group fraudulently sold condos in the Blue Sky condo project at 3106 Memorial Drive, in East Lake. <br />The sales, between March and May 2008, artificially inflated the value of the condos to between $135,000 and $155,000, and received mortgages on the properties through a straw buyer, even though units at the complex are now selling between $2,000 and $28,750. The group includes: A closing attorney, Vickers; two mortgage brokers, McKenzie and Davis; Wachovia Corp. (NYSE: WB) employee Davila; and appraiser Harmon. Hobbs served as the straw buyer in the transactions. Other inflated loans in the complex have already entered foreclosure, federal prosecutors said. <br />The group attempted to defraud certain lenders, but did not name specific banks, federal prosecutors allege. Only Wachovia, as employer for Davila, was explicitly mentioned. <br />"This is unfortunately another in a long series of major mortgage fraud cases in metro Atlanta," said U.S. Attorney David Nahmias in a release. "In this case, an entire condominium complex was gutted by fraud and greed. And as we have seen too many times before, one of the defendants charged is a closing attorney, someone the victim lenders retained and trusted to protect them against such fraud, but who instead became a participant in it. Mortgage fraud will remain a high priority for federal law enforcement in North Georgia."

Dossey Richard, Lovie Hobbs,Montra McKenzie,Cyrus Davis charged one count of conspiracy to commit wire fraud based on a mortgage scheme

charged Dossey Richard, 36, of Atlanta, Lovie Hobbs, 47, of Lithonia, Montra McKenzie, 29, of Atlanta, Cyrus Davis, 42, of Atlanta, Marcus V...

Read more »