A loan broker from Bethesda, Maryland, and a settlement agent from Oakton, Virginia, are accused of trying to trick lenders into loaning more than $5.6 million for properties in D.C.
A federal grand jury indicted 39-year old Shaun Miller, of Bethesda and 49-year-old Thomas Randolph, of Oakton in a seven-count charge that includes conspiracy, mail fraud and monetary transactions involving criminally derived proceeds, the U.S. Attorney’s Office for the District of Columbia said in a news release.
A third man, Marlon Meade, 40, of D.C., pleaded guilty to conspiracy to commit mail fraud and monetary transactions involving criminally derived proceeds in September.
According to the indictment, from at least October 2014 to June 2015, Miller was a loan broker earning money by coordinating loans for real estate investors from private mortgage lenders. At the same time, Randolph was a settlement agent for a settlement company located in D.C.
Prosecutors said that Miller, Marlon Meade and others inflated personal financial statements, altered bank account statements, and falsified tax returns to get the at least $5.6 million in loans to buy multiple real estate properties in D.C.
The indictment further alleges that the conspirators, including Randolph and Meade, falsely inflated the sales price of properties to obtain excess lender funds in order to illegally recycle the lender’s own money as the borrower’s down payment and to siphon off funds for their own use.
The indictment also contains a forfeiture allegation.
Trial dates have not been set for any of the defendants in the case.