Local News

Nine Plead Guilty In Scheme Involving N.C. Mortgage Company

Posted February 4, 2004 6:11 a.m. EST

— Nine of 13 people indicted in a mortgage fraud scheme are pleading guilty in U.S. District Court in Winston-Salem.

The nine pleaded guilty Wednesday to charges of conspiracy to commit loan, mail, wire and bank fraud. That's punishable by up to five years in federal prison and a $250,000 fine.

Federal indictments charge that High Point-based Oasis Mortgage routinely provided lenders with false information to get loans approved that would otherwise be rejected. That allowed the company to collect fees and commissions.

The remaining four people indicted have upcoming court dates.