Jacksonville, Florida – Marshall Craig Scott was found guilty of committing mail fraud, wire fraud, and conspiracy to commit mail fraud. Scott faces a maximum penalty of 145 years in federal prison. The sentencing hearing is scheduled for June 24, 2010. Scott was indicted on October 29, 2009.
Scott was one of four conspirators who schemed to defraud a variety of lending institutions in connection with residential home mortgages. Scott was one of three owners of American Home Builders, Inc. (AHB), who participated in a scheme to trick lending institutions into lending money to fund the purchases of new homes built by AHB.
Evidence established that the “extra money” extended by the lending institutions was kicked-back to the borrower/buyer by both Scott, the home builder, and co-conspirator Jean Tan Jones, a realtor for the borrowers/buyers. Testimony recognized that buyer/borrowers would be induced into purchasing the homes with the promise of receiving between $50,000 and $100,000 outside of closing that was not disclosed to the lending institutions. Testimony further established that the vast majority of the homes are in foreclosure or short sale status.
The co-conspirators who testified against Scott are Jean Tan Jones, a Jacksonville, Florida real estate broker; Jeffrey Rubin, a realtor and site sales agent for AHB; and Fe V. Tan, a mortgage broker. All three have pleaded guilty and are awaiting sentencing.