Professor Jailed After Fraud Conviction

A college professor in Tennessee has been sentenced to a year and a day in jail following her conviction early this year for mortgage fraud. Pamela Gail Holder was convicted by a jury on charges of bank fraud and wire fraud. Holder, a professor of nursing at Middle Tennessee State University, was accused of orchestrating a multi-million dollar mortgage fraud scheme that involved a straw buyer" with a good credit score. This buyer was deceived by Holder into borrowing $2.4 million for the purpose of purchasing a $1.5 million dollar home in Hendersonville, Tenn. Holder helped prepare or send false documents that, among other things, falsely claimed that the straw buyer was president of "Team Fat Man," an automotive-sales business owned by her deceased husband, and greatly inflated the straw buyer's income. The scheme involved loans obtained at Bank of Nashville, Countrywide Home Loans and First Tennessee Bank. The loan went into default and the property was foreclosed upon.