Developers, escrow officer, and real estate agent put on trial for mortgage fraud


September 8, 2011 — Two Tucson developers, an escrow officer, and a real estate agent have been indicted in a mortgage fraud case. Federal prosecutors say the defendants allegedly bilked lenders out of about $5.8 million.

A federal grand jury returned a 20-count indictment against developers William Michael Naponelli and Walter Scott Fruit, escrow officer Sandra Jackson and real estate agent Brian Atwood. The indictment charges them with conspiracy to commit bank fraud, making a false statement to influence a financial institution, and conspiracy to commit transactional money laundering.

Prosecutors say the four are accused of fraudulently obtaining loans for 19 properties in Pima County in 2006 and 2007 that ultimately went into foreclosure. It was unclear whether any of the four defendants have legal representation yet.

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Source: fox11az.com

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