The United States Department of Justice (USDOJ) announced this week that a former Chase Bank mortgage loan officer in Naples. Florida was indicted for his involvement in a mortgage fraud scheme.
Ross D. Pickard (63, Naples) was charged with one count of conspiracy and three counts of loan and credit application fraud, according to U.S.Attorney A. Lee Bentley, III.
Pickard was a senior loan officer at JP Morgan Chase Bank where conspired with others to carry out the fraud scheme by falsifying loan application with fraudulent statements and documents. He used false occupancy statuses, overinflated income and assets, as well as the understated liabilities to induce the bank to approve mortgage applications for borrowers who were truly unqualified.
The defendant faces approximately to 5 years in federal prison for the conspiracy count and up to 30 years on each of the fraud counts, according to the USDOJ.
This case was investigated by the Federal Housing Finance Agency – Office of Inspector General and the Internal Revenue Service – Criminal Investigations Division. It will be prosecuted by Special Assistant United States Attorney Chris Poor.