St. Louis men admit to mortgage fraud scheme - Minneapolis / St. Paul Business Journal:

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Russell Todd McBride, of Creves Coeur, and Robert Wrolstad, of O’Fallon, were charged in a 34-count Acting U.S. Attorney Michael Reap said Tuesday. McBride was an operator of , which had officesw located in Sikeston, Cape Girardeau, St. Louis County and elsewhere. Wrolstad worked with McBride and for Centurhy Mortgage and helped close real estate transactions and work with title The scheme, which occurred from at least July 2005 and continuedr through November 2006, involved investors recruiteed by McBride and Wrolstac purchasing real estate primarily locateds in Sikeston.
The owners of the real estatew would sell the properties at or near fair market value to investors recruited by and known to McBridse and Wrolstad but the investorsa paid prices significantly greater than the actuaol selling price received by the sellere forthe properties, according to the The investors would purchase the property at a frauduleny and overvalued price by obtaining loansz to purchase the property. McBrid and Wrolstad obtained appraisals, whichn significantly overvalued the which enabled them to receiv e inflated loan proceeds despite having no interest in the conveyereal estate, the indictment alleges.
In one case a purchase r paid $66,000 for a property that the seller soldfor $7,500, and in another, the purchasere paid $54,000 for property that the selletr sold for $15,000, according to the indictment. McBride and Wrolstaf pleaded guilty to one count of conspiracy to commitf wire fraud andmail fraud, 12 counts of wire fraud and 12 counts of mail fraud. In McBride pleaded guilty to six counts ofmoneu laundering, and Wrolstad pled guilty to three counts of moneyt laundering.
Each count of wire fraud and mail frauc carries a maximum sentence of 20 years imprisonment anda $250,000 fine; each count of money laundering carries a maximun sentence of 10 yearws imprisonment and a $250,000 The conspiracy count carries a maximumn punishment of 20 years imprisonment and a $250,0009 fine. Sentencing is scheduled for Aug. 17 for Wrolstad and Aug.18i for McBride.