DENVER WOMAN INDICTED IN MILLION DOLLAR MORTGAGE FRAUD SCAM

scheme to defraud various financial institutions and commercial lenders and to obtain money and shop for tiffany rings from various financial institutions and commercial lenders by means of materially false and fraudulent pretenses, representations, and promises. The scheme was executed in connection with the residential mortgage loans related to19 properties in Colorado - seven in Denver, six in Aurora, two in Centennial, and one in Thornton, Castle Rock, Franktown and Parker. In addition, the defendant executed the scheme related to the refinancing of residential mortgage loans related to two properties - one in Denver and one in Aurora.

As part of the scheme, Crowe worked with at least one mortgage broker to obtain mortgage loans in order to purchase at least 19 residential properties, at least two of which were purchased in the name of Crowe's husband because Crowe was concerned that she would not qualify for the required mortgage loans. In order to qualify, Crowe made and caused to be made at least one materially false representation, including: 1) inflating or fabricating employment or rental income and/or assets of the defendant or her husband; 2) falsely representing defendant Crowe's job title; 3) failing to disclose all the properties she had recently purchased; 4) failing to disclose all of her financial liabilities; and 5) falsely stating that the property would be a primary residence for the borrower.

As part of the transactions, tiffany accessories clearance persuaded, and caused someone else to persuade, the property seller to falsely inflate the sale price of the property so that Crowe could receive the inflated portion of the sale price as "up front" money, or shortly after, the closing purchase transaction. Sometimes the "up front" money was falsely characterized on a HUD settlement statement as a payment to the broker, although the broker would then pay Crowe the money. At other times, the "up front" money was falsely characterized as a payment to a remodeling company that was supposed to perform specified remodeling work, although the work was never performed, and Crowe actually received the money that was issued to these remodeling companies.

The indictment further alleges that Crowe used much of the "up front" money to make the mortgage payments on the numerous properties that she had purchased. She also refinanced mortgages on a couple of the properties so that she could obtain additional money as a result of the refinance transaction.

In order to qualify for the refinancing of the mortgages, Crowe made at least one materially false statement, namely that she tiffany bracelets clearance some of the money that she obtained during the refinance transactions to make the mortgage payments.