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Minn. Man Pleads Guilty To Role In Mortgage Fraud

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(credit: Jupiter Images)

(credit: Jupiter Images)

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MINNEAPOLIS (AP) — Federal prosecutors say a Minnesota man has pleaded guilty to participating in a $13 million mortgage-fraud scheme involving at least 25 properties.

Prosecutors say 36-year-old Ericvan A. McDavid of Savage pleaded guilty Wednesday to wire fraud.

The prosecutor’s office says McDavid admitted to his role in the process. A message left with McDavid’s attorney Thursday was not immediately returned.

Investigators say McDavid recruited “straw buyers” and gave them money toward the purchase of a home. They say McDavid also filed false loan papers, and the actions together misled the lender into believing the buyer planned to repay the loan.

Prosecutors say McDavid then received the loans and pocketed some of the cash.

McDavid’s sister pleaded guilty to the same charge this week in connection with the same alleged scheme.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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