Alpharetta lawyer gets prison time for mortgage fraud
Atlanta Business Chronicle
Alpharetta, Ga., closing attorney Mary Reagan was sentenced late Tuesday to nearly five years in prison for her role in a multi-million dollar mortgage fraud scheme.
She also was also ordered to pay full restitution of more than $4 million. Reagan pleaded guilty in July before she was to go to trial and agreed to assist the government in the prosecution of the scheme.
From mid-2004 through June 2006, Reagan was an attorney, doing business as The Reagan Law Group, closing millions of dollars of fraudulently inflated mortgage loans being provided to unqualified straw buyers. Reagan was the attorney responsible for representing the mortgage lenders at the closing table. When the loans closed, Reagan instead transferred millions of dollars of the inflated loan proceeds to her co-conspirators by falsifying closing documents, such as the HUD-1 settlement statements, and concealing from the lenders the true recipients and purposes of payments made in connection with the closing.
Reagan also concealed from the lenders that the unqualified straw buyers did not make sizable down payments required by lenders as a condition of closing.
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