St. Louis Man Pleads Guilty to Supplying Downpayment Funds

A St. Louis man has pleaded guilty to mortgage fraud charges in connection with loans extended by Wells Fargo Home Mortgage and others. In the scheme Henry Broussard admitted to using phony gift letters to convince mortgage lenders that buyers were financially suitable to purchase properties owned by Broussard, when in fact he had provided the funds to satisfy downpayment requirements of various lenders. Broussard also admitted to fraudulently obtaining a loan of approximately $60,000 from Wells Fargo Home Mortgage. In all, Broussard admitted his fraudulent activities involved in excess of $120,000 of actual and intended losses. Broussard pleaded guilty to mail fraud before U.S. District Court judge Henry E. Autrey. Sentencing is set for April 2009.