Man From Lithia, Florida Charged & Arrested For Mortgage Fraud Scheme

August 11, 2009
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Mortgage Fraud

There is a new development regarding the mortgage fraud scheme that happened in 2004 where dozens of people became a victim. Jeffrey Ryan Ayers, who worked for Advanced Mortgage Solutions, was arrested for his participation on the said scheme.

Jeffrey Ryan Ayers, a 29 year old man from Florida, was charged with grand theft for the multi-million dollar mortgage fraud, racketeering, and conspiracy to commit racketeering. His co-conspirators were already sentenced and sent to prison. Since Ayers has worked for the Advanced Mortgage Solutions, that is also associated with home improvement business, he was able to use his position to persuade customers to get a home loan from them. Ayers, together with his co-conspirators, then divert the loan leaving the victim, who is the homeowner, with large loans and slight home development. Ayers and his team would then acquire mortgages to fund the home repair projects by submitting falsified documents to Argent Mortgage Company. Ayers and his co-conspirators was said to submit 130 loans to Argent which sums up to a total of $13,000,000.00.

The investigation regarding this mortgage fraud scheme started when the victims filed complaints for substandard construction and home improvements.