FEDERAL

From 2006 to 2010, all four worked for American
Mortgage Specialists, which was a mortgage company
headquartered in Mesa, Arizona. American Mortgage
Specialists used money provided by BNC to originate
residential mortgage loans that were then sold
to commercial investors, such as the enterprises.
American Mortgage Specialists was supposed to
repay BNC with the sales proceeds, but the money
was diverted to the company’s payroll and operating
expenses. Money from earlier mortgage sales was used
to pay back BNC for funding current originations,
causing the defendants to falsely represent their
company’s financial health. When
the fraud was discovered, the
company shut down, owing BNC
$28.5 million.
This was a joint investigation with
SIGTARP and DOJ’s Criminal
Division Fraud Section with
support from the Financial Crimes
Enforcement Network (FinCEN).
Fannie Mae Contractor Sells
Customer Information, Atlanta,
Georgia
On April 29, 2013, Alex Dantzler
was sentenced in the U.S. District
Court for the Northern District of Georgia to 15
months of incarceration and 24 months of supervised
release. Dantzler previously pled guilty to conspiracy
to commit bank fraud.
From June 2011 to July 2012, Dantzler, then a
Fannie Mae contract employee assigned to the
National Underwriting Center in Dallas, Texas, used
his access to Fannie Mae’s Quality Assurance System
database to obtain PPI about numerous Fannie Mae
borrowers. Dantzler then sold the information to
an individual in Atlanta, Georgia, who used it to
conduct various identity theft schemes involving
additional conspirators. A total of four individuals,
including Dantzler, were convicted for their
participation in this conspiracy.
This was a joint investigation with the FBI.
Bank Vice President Defrauds Employer, Atlanta,
Georgia
Bank vice president
sentenced to 5 years
and 10 months
incarceration and
$5.8 million in
restitution.
On April 5, 2013, former Appalachian Community
Bank Vice President, Adam Teague, was sentenced
in the U.S. District Court for the Northern
District of Georgia to 5 years and 10 months of
incarceration for conspiring to
defraud Appalachian. He was
further ordered to serve 5 years
of supervised release and pay
restitution of $5.8 million. Teague
had previously pled guilty to
conspiracy to commit bank fraud.
Teague engaged in illegal schemes
to unjustly enrich himself at
the expense of Appalachian and
prevented the Federal Deposit
Insurance Corporation (FDIC)
from discovering certain past
due loans on Appalachian’s
books. Specifically, Teague and
an unindicted co-conspirator arranged a number of
sham real estate transactions and caused Appalachian
to issue approximately $7 million in fraudulent loans
to another unindicted co-conspirator, making it
appear that the loan proceeds were used to purchase
certain properties from Appalachian’s foreclosure
inventory and that regular monthly payments on the
new mortgages were being made.
Appalachian was a member of the FHLBank of
Atlanta. As such, it received advances from the
FHLBank of Atlanta and pledged portfolios of its
loans as collateral for those advances. Due to its
20 Federal Housing Finance Agency Office of Inspector General