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Real estate scam artist heads to prison
By OBSERVER STAFF REPORTS
A 40-year-old man from Spring was sentenced Oct. 27 to serve more than 24 years in federal prison for his leadership in a scheme to defraud mortgage lenders nationwide, according to U.S. Attorney Don DeGabrielle’s office.
Michael D. Goodson was convicted in July 2007 of engaging in a conspiracy to commit mail and wire fraud, three counts of mail fraud and five counts of wire fraud. During the course of the two-day trial, the United States presented evidence proving that between 2003 and 2005 Goodson induced numerous residential mortgage lenders across the country to approve loans in excess of $11 million by using false and fraudulent representations in loan applications.
Goodson and his conspirators in the scam, Nancy Booth, 46, and Leslie R. Tarrance Sr., 62, falsely reported on loan applications and other loan documents that the borrower was employed in the name of fictitious businesses and/or inflated the income of the borrower to establish credit-worthiness.
Ultimately, however, Goodson allowed all the loans to fall into default and the properties were foreclosed on by the mortgage companies.
Booth, also known as Nancy Campbell, and Tarrance, have both been convicted for their respective roles in the scheme. Sentencing is scheduled for January 2009.
Booth pleaded guilty in October 2006 to conspiracy to commit mail and wire fraud and to two counts of mail fraud. Tarrance pleaded guilty on July 17, 2007, to conspiring to commit mail and wire fraud.
Both Booth and Tarrance remain free on bond pending their respective sentencing hearings.
In addition to a prison term, the court further ordered Goodson to pay restitution in the amount of $3,060,790, and serve a three-year term of supervised release. Goodson has been in custody since March 2006 and will remain in custody to begin serving his sentence.
This case was investigated by the FBI and U.S. Postal Inspection Service, and was prosecuted by Assistant U.S. Attorney Melissa Annis.
Michael D. Goodson was convicted in July 2007 of engaging in a conspiracy to commit mail and wire fraud, three counts of mail fraud and five counts of wire fraud. During the course of the two-day trial, the United States presented evidence proving that between 2003 and 2005 Goodson induced numerous residential mortgage lenders across the country to approve loans in excess of $11 million by using false and fraudulent representations in loan applications.
Goodson and his conspirators in the scam, Nancy Booth, 46, and Leslie R. Tarrance Sr., 62, falsely reported on loan applications and other loan documents that the borrower was employed in the name of fictitious businesses and/or inflated the income of the borrower to establish credit-worthiness.
Ultimately, however, Goodson allowed all the loans to fall into default and the properties were foreclosed on by the mortgage companies.
Booth, also known as Nancy Campbell, and Tarrance, have both been convicted for their respective roles in the scheme. Sentencing is scheduled for January 2009.
Booth pleaded guilty in October 2006 to conspiracy to commit mail and wire fraud and to two counts of mail fraud. Tarrance pleaded guilty on July 17, 2007, to conspiring to commit mail and wire fraud.
Both Booth and Tarrance remain free on bond pending their respective sentencing hearings.
In addition to a prison term, the court further ordered Goodson to pay restitution in the amount of $3,060,790, and serve a three-year term of supervised release. Goodson has been in custody since March 2006 and will remain in custody to begin serving his sentence.
This case was investigated by the FBI and U.S. Postal Inspection Service, and was prosecuted by Assistant U.S. Attorney Melissa Annis.
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