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Federal Criminal Defense Blog Federal Criminal Defense and Civil Litigation in Georgia and Beyond

Defendant Sentenced to 11 Years in Mortgage Fraud Scheme

Posted in Mortgage and Foreclosure Fraud

Last week, Adriene Newby-Allen was sentenced to 135 months imprisonment and ordered to pay $5,278,703 in restitution. According to a press release for the Office of the United States Attorney for the Northern District of Georgia, Newby-Allen had pled guilty in July to charges arising from a multi-million dollar mortgage fraud scheme. Newby-Allen was alleged to have conducted a mortgage fraud scheme from mid-2004 through March 2006 which fraudulently obtained millions from mortgage companies through inflated mortgage loans obtained by straw purchasers, including Newby-Allen’s husband and co-defendant Brinson Allen, who was convicted on multiple charges relating to the scheme following a 10 day trial in July by a federal jury. Newby-Allen herself received approximately $1 million in loan proceeds.

Newby-Allen is alleged to have inflated the sales price of real estate and caused the submission of false loan applications and other documents. At the closings on the properties, Newby-Allen and her co-conspirators would cause lenders through false representations to disburse millions to a shell company created by Newby-Allen called "Swiss Acquisitions."

 

Gillen Withers & Lake LLC are white collar and corporate criminal defense attorneys with an outstanding reputation and track record, handling cases throughout Georgia and the nation. Call our Atlanta, Georgia, office at (404) 842-9700 or our Savannah, Georgia, office at (912) 447-8400.