Maple Grove Man Pleads Guilty to Mortgage Fraud
As part owner of Legacy Lending, Thomas John Hunter, was part of a $20 million mortgage scheme, according to authorities. The fraud took place from September 2005 to July 2007 and involved 37 separate real estate deals. Several Maple Grove Homes were involved. This week, Hunter plead guilty to his role in the fraud.
Hunter admitted that he and others used inflated appraisals to secure loans far above the actual purchase price for homes. He would then take the proceeds from the transaction. The participants are estimated to have pocketed almost $2.2 million during that time. Many of the deals were put together using straw buyers, who never actually intended on purchasing the homes, but would be put on the applications to secure the loans. Many of the loans were also secured as owner occupant, but were actually purchased by investors who eventually defaulted on the loans.
The specific count that Hunter pleaded guilty to involved an illegal wire transaction in which he and others obtained $825,000 for the purchase of a residence in Rogers. Hunter has not yet been sentenced.
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
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