MHProNews has learned that 32 year old Robert C. Sasser of Lexington, South Carolina was sentenced in federal court on November 28th for wire fraud. In a case handled by U.S. Attorney Winston D. Holliday, Jr., United States District Judge Margaret B. Seymour sentenced Sasser to three years’ imprisonment and ordered payment of approximately $1.6 million in restitution to Wells Fargo Bank. A Federal Bureau of Investigation (FBI) press release stated that a change of plea hearing established Sasser was a realtor and mortgage broker doing business in West Columbia. Sasser was involved in eight real estate transactions involving “modular homes” from the Aiken Housing Center (AHC) and a private residence. Wachovia Mortgage Corporation (WMC) financed the eight mortgage loans for approximately $2.5 million. All the loans were collateralized by what was cited as modular homes that were deemed significantly overvalued. Loan documents demonstrated multiple misrepresentations that made the loans fraudulent, including grossly misstated income and asset information, forged signatures, and improper down payments. Due to subsequent foreclosures, the amount of loss suffered was approximately $1.6 million, owed to Wachovia’s successor, Wells Fargo.
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