BREAKING NEWS: Trio pleads guilty to defrauding mortgage lenders out of millions

Local News

May 6, 2011

Anonymous Register staff report The Richmond Register Fri May 06, 2011, 04:33 PM EDT

LEXINGTON — An owner of a real estate company who is from Richmond and two other Eastern Kentuckians admitted in federal court today that they fraudulently obtained millions in mortgage loans from 2006 to 2009.

John Howard, 43, of Richmond, Brenda C. Stone, 55, of Versailles, and Kevin Mullins, 40, also of Richmond pleaded guilty to wire fraud charges that involved false mortgage applications.

Howard, a former mortgage loan officer and broker, and current owner of Campus Downs Real Estate, admitted to fraudulently obtaining $2.9 million in mortgage loans.

Howard said he lied on loan applications and manipulated the filing of liens. He used these tactics in order to prevent lenders from finding out that he had already borrowed money from other lenders on the very same properties. Howard admitted getting 11 such loans for five Lexington properties.

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BREAKING NEWS: Trio pleads guilty to defrauding mortgage lenders out of millions

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