North Texas businessman pleads guilty in mortgage scamJuly 30, 2014
SHERMAN, Texas (AP) – A North Texas businessman has pleaded guilty to a nearly $2.4 million mortgage fraud scam.
Marcus Brian Curry of Allen pleaded guilty Tuesday to mail fraud. Curry faces up to 20 years in federal prison during sentencing in Sherman.
Prosecutors say Curry owned South Coast Group LP and used mail advertisements to solicit homeowners having financial problems.
Curry told homeowners that they could protect their credit by transferring the titles to him and he'd make the mortgage payments. Curry sold the property to new buyers, omitted that there was an original lien and in most cases he didn't make the original mortgage payments.
Curry, who financed the mortgages himself, had the new buyers send payments to his private mailbox.