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Report Fraud, Waste and Abuse
Date Published
September 25, 2016
News Type
Press Release
Link to Original
USAO, Western District of Tennessee

(Source: USAO, TN) Memphis, TN – A real estate investor has been charged in a 14-count indictment that alleges he defrauded three banks and a mortgage lending business. Edward L. Stanton III, U.S. Attorney for the Western District of Tennessee, announced the indictment today.

According to the indictment, Thomas L. Boyd, 43, of Memphis, Tennessee, owned a real estate agency, Wonderful Properties, LLC. Between April 2006 and September 2014, Boyd, aided and abetted by others, allegedly engaged in a scheme to defraud Regions Bank, Bank of America, First Tennessee Bank, and Oak Tree Funding.

Boyd allegedly made false statements in connection with mortgage loan applications for persons who were financing the purchase of properties from his company. In many instances, the defendant failed to disclose to lenders on HUD-1 settlement sheets that he was paying a portion of the loan proceeds to the borrowers.

Boyd's alleged scheme caused the lenders to disburse approximately $653,000 in loan proceeds.

On Thursday, September 22, Boyd was arrested and had his initial appearance in federal court before U.S. Magistrate Judge Tu M. Pham.

Boyd is being charged with eight counts of bank...