The U.S. Attorney’s Office for the Eastern District of Tennessee has indicted two men for allegedly running a mortgage fraud operation in Tennessee, Florida, Georgia, Virginia, and California. The men, Joshua Dobson and Paul Gott III, are accused of swindling victims out of $45 million over the past two years.
Federal prosecutors have charged then men with twelve counts each including money laundering, defrauding a financial institution, and conspiracy to commit wire fraud. According to authorities, Dobson and Gott offered to sell properties after promising to pay the down payment as well as monthly mortgage fees for three years. Prosecutors also allege that Dobson and Gott deceived lenders through documents stating that the buyer would be responsible for the down payments.
Under federal law, an individual convicted of defrauding a financial institution can receive a sentence of up to 30 years and a $1,000,000 fine. Money laundering and conspiracy to commit wire fraud also carry severe penalties.
Our federal criminal attorneys have extensive experience representing clients charged with serious fraud violations. Our firm has successfully represented closing attorneys, mortgage brokers, real estate agents, appraisers, investors and “strawbuyers” in federal mortgage fraud investigations over the last few years. A mortgage fraud conviction can carry enormous penalties, including long terms of imprisonment. Because the stakes in these types of cases are so high, it is essential to quickly retain counsel when facing investigation or prosecution by the federal government.