Mortgage Fraud Scheme may Land Maryland Resident in Prison for Five Years

August 5, 2012 Posted by kingcade

Business owner and Maryland resident, Carline M. Charles, pled guilty on charges of conspiracy to commit bank fraud on July 27, 2012. Charles was the owner of the company, C&O Property Solutions LLC.  She had concocted a scheme where she fraudulently obtained mortgages, financial losses for lenders and evictions for her clients who were relying on her to help save their homes.


Charles would reportedly track down financially distressed homeowners and offer them help in refinancing their mortgages.  She told her clients that after a few months they would be able to remove investors’ names from the property deeds. While homeowners were under the impression they were refinancing their homes with Charles, she was in fact selling their properties to ‘straw buyers.’ She would pay the purchasers about $10,000 for use of their name and information.


Charles’ plea agreement required her to forfeit the $838,978 she profited from the scheme. Some of the homeowners were paying Charles their monthly mortgage payments, which she claimed she would be forwarding to the lenders, and never did. This resulted in 12 families being forced out of their homes. The lenders of these 12 mortgages lost somewhere between $1 and $2.5 million. The mortgage scheme resulted in a major investigation conducted by the FBI. Charles’ sentencing is scheduled for October 24, 2012.


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