Ricky Dean Unruh of Wichita, Ks., and Steven Ray Spencer of Carl Junction, Mo., pleaded guilty in federal court to their roles in a $1.2 million mortgage fraud scheme. According to Matt J. Whitworth, U.S. attorney for the Western District of Missouri, the mortgage fraud schemes involved a total of 20 houses with home mortgage loans ranging from approximately $200,000 to $500,000. The amount of loan proceeds returned to the borrowers ranged from less than $30,000 to more than $100,000. Some of the home purchasers subsequently defaulted on the loans and the homes have been foreclosed or are in the process of being foreclosed. Unruh and Spencer each admitted that they participated in a conspiracy to obtain mortgage loans via false loan applications. The other members of the conspiracy, who have also pleaded guilty, include Charles M. Davis, Scott Allen Kassebaum and Kassebaum's wife, Cheryl Joan Kassebaum. Sentencing will be scheduled after the U.S. Probation Office completes a pre-sentence investigation.
Kansas and Missouri Men Plead Guilty in Loan Fraud Scam
Published October 06, 2009, 1:00 p.m. EDT
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