Indiana Real Estate Agent Sent to Prison for Inducing Lenders to Approve Fraudulent Loans

handcuffs-300x2251112121Eloise Blackmon, Gary, Indiana, was sentenced to 10 months in prison for her role in a mortgage fraud scheme. Upon release, Blackmon was also sentenced to supervised release for a period of two years. The scheme involved the purchase and sale of up to 25 properties. The defendant and her co-conspirators submitted false and fraudulent documents to lenders in order to qualify the borrowers for loans.

August 19, 2010, the defendant was charged in a superseding indictment along with Sheila Chandler, Gordon Rainey, Randall Causey and Jeffrey Julkes, Jr.

According to the superseding indictment, Blackmon worked for a real estate company located in the Northern District of Indiana, as a real estate agent. In this capacity, she would list available real properties on the Multiple Listing Service (“MLS”) in an attempt to sell them for a client, or she would seek real properties for individuals who were looking to make a purchase. When assisting a client in a real estate purchase or sale, Blackmon was responsible for making sure all documents were properly prepared and attending the closings. Blackmon was also herself a buyer of real estate properties.

In this capacity, Blackmon located one or more properties to purchase, attended the property closings, and signed all appropriate documents to effectuate her purchase of properties.

Between on or about January I, 2005 and on or about December 31,2006, the defendant and her co-conspirators operated a scheme involving the purchase and/or sale of 25 properties using false and fraudulent information to obtain mortgage loans from lenders. Blackmon herself recruited buyers to purchase the properties in the scheme.

Compiled by Mortgage Fraud Consultants – Chip Cummings is a best-selling author and nationally recognized expert in the area of mortgage fraud. He provides mortgage fraud expert witness services and litigation support to attorneys and financial institutions worldwide. He can be reached at (866) 977-7900

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