Missouri Mortgage Banker Sentenced for Fraud |
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By Staff Reporter
Mortgage Fraud Blog
Thursday, January 17, 2008 —Rose A. Shaw, St. Charles, Missouri, was sentenced to 33 months in prison. She pled guilty in September of 2007 to one felony count of social security fraud and one felony count of mortgage fraud. Shaw was ordered to pay mandatory restitution of $153,857.10 on the social security fraud and $70,718.94 on the mortgage fraud.
In December 2005, Shaw applied for a loan to purchase #10 Hansen Manor, St. Charles, Missouri, by submitting false information on the application, including: false net income records for 2005; false financial/income statements for 2004 and a false 2004 federal income tax return. Shaw also created false monthly bank account statements to inflate her monthly income figures. As a result of this false information, she was granted a loan for the residence. On December 21, 2005, Long Beach Mortgage Company wire transferred $795,686 for the purchase of this property. Shaw has not made any monthly payments on the loan, which is now in foreclosure proceedings.
Rose Shaw received monthly social security disability payments from January 1985 thought March 2006 by falsely claiming on the applications that she was mentally retarded and suffered from schizophrenia. The total amount of these benefits was approximately $153,000. Shaw was employed as a mortgage banker under the business name of Rose Shaw Enterprises, LLC and Shaw Brokerage Real Estate Investment Firm, LLC. On August 25, 2005, Shaw forged the signature of Chief United States Bankruptcy Judge Barry Schermer on a bankruptcy document.
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