MORTGAGE LOAN COMPLIANCE®

Eugene Lockhart, Jr., a former player with the Dallas Cowboys, has been charged, along with eight others, with running an alleged mortgage fraud scheme in the Dallas area from 2001 through 2005.

According to James T. Jacks, U.S. attorney for the Northern District of Texas, the indictment alleges that the defendants, who were involved with several real estate entities, ran a scheme in which they located single-family residences for sale in the Dallas area including distressed and pre-foreclosure properties and negotiated a sales price with the seller.

The alleged scheme involved 54 fraudulent residential property loan closings resulting in the funding of $20.5 million in fraudulent loans.

In addition to Mr. Lockhart, the following defendants named in the indictment include - Lendell Beacham; Hubert Jones, III; Suzette Switzer Hinds; Patricia Ortega Suarez; William Randolph Tisdale, Jr.; Michael Anthony Caldwell; Donna Lois Kneeland; and Bryan J. Moorman.

The defendants allegedly recruited straw borrowers and caused the loan applications for each straw borrower to include false financial information. Prosecutors say they created surplus loan proceeds by inflating the sales price to an arbitrary amount more than the fair market value of the residence.

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