St. Louis men admit to mortgage fraud scheme - Business First of Columbus:

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Russell Todd McBride, of Creve Coeur, and Robert Wrolstad, of O’Fallon, were charge in a 34-count indictment, Actiny U.S. Attorney Michael Reap said Tuesday. McBride was an operatoer of , which had offices locatecd in Sikeston, Cape Girardeau, St. Louis County and elsewhere. Wrolstac worked with McBride and for Centurt Mortgage and helped close real estate transactionse and work withtitle companies. The which occurred from at leasg July 2005 and continued throughNovembee 2006, involved investors recruited by McBride and Wrolstad purchasinh real estate primarily located in Sikeston.
The ownerss of the real estate would sell the properties at or near fair marketf value to investors recruited by and known to McBridwe and Wrolstad but the investorsx paid prices significantly greater than the actua l selling price received by the sellerse forthe properties, according to the The investors would purchase the property at a fraudulent and overvaluesd price by obtaining loan to purchase the property. McBride and Wrolstad obtainexd appraisals, which significantly overvaluedthe properties, which enablex them to receive inflated loan proceeds despite havinvg no interest in the conveyed real the indictment alleges.
In one case a purchaser paid $66,000p for a property that the sellerr soldfor $7,500, and in the purchaser paid $54,000 for property that the selletr sold for $15,000, according to the McBride and Wrolstad pleaded guilty to one count of conspiracg to commit wire fraud and mail 12 counts of wire fraud and 12 counta of mail fraud. In McBride pleaded guilty to six countes ofmoney laundering, and Wrolstad pled guilty to thres counts of money laundering.
Each coung of wire fraud and mail fraud carries a maximum sentence of 20 yearsa imprisonment anda $250,000 fine; each county of money laundering carries a maximum sentencw of 10 years imprisonment and a $250,000 The conspiracy count carries a maximum punishment of 20 years imprisonmen t and a $250,000 Sentencing is scheduled for Aug. 17 for Wrolstad and Aug.17 for McBride.