2 Memphis men indicted in mortgage-fraud, identity-theft scheme

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Two Memphis men have been indicted by a federal grand jury on seven counts related to a mortgage-fraud and identity-theft scheme, officials said Tuesday.

Marcus Payne, 44, and Booker Smith, 30, were each charged with one count of conspiracy to commit mail, wire and bank fraud; two counts of wire fraud; two counts of bank fraud; one count of mail fraud; and one count of aggravated identity theft.

According to an indictment, Payne and Smith committed multiple acts of bank, wire and mail fraud between December 2008 and May 2009 that got them more than $500,000. The pair applied for mortgage loans to purchase residential properties using someone else’s personal identifying information, including Social Security numbers.

The aggravated identity theft charge carries a penalty of two years in prison consecutive to any other sentence. Each of the other charges carries a penalty of up to 30 years in federal prison.

Article source: http://www.commercialappeal.com/news/2014/apr/22/2-memphis-men-indicted-in-mortgage-fraud-theft/?CID=happeningnow

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