Fraud Probe Nets Prison Guard
Last Modified: 8/11/2006
A federal prison guard and a state parole officer are among five people arrested as part of an elaborate mortgage fraud scheme in Atlanta, officials announced on Friday.
Investigators said the five suspects devised a scheme to buy a house, use fraudulent means to inflate the value of the house, and then borrow money based on the inflated value.
According to police, the scheme involved the following suspects:
The buyer: 27-year-old Quentin Chandler, a recent parolee from the state corrections system.
The realtor: 25-year-old Takeisha Randolph, Chandler's girlfriend.
The sellers: 44-year-old Michael Turner, Chandler's parole officer, and 45-year-old Duane Timmons, a federal prison guard.
The loan officer: 42-year-old Royce Odor.
All five suspects were arrested and charged under the state Mortgage Fraud statute. Their cases will be prosecuted by the Fulton County District Attorney Office.
Mortgage fraud became so rampant in Atlanta that the police department opened a Mortgage Fraud Unit. The unit is working on 49 open cases and recently closed one involving both a mother and son.
"If you're involved in mortgage fraud, thinking about getting involved in mortgage fraud and it's here in the city of Atlanta, we're gonna come after you. We're gonna put you in jail. We don't care who you are. We don't care if you're working it with your momma. Like Mr. Hardy here, we'll put you and your momma in jail," said Sgt. Terry Joyner of the Atlanta Police Department.
Since starting a mortgage fraud section in March 2006, APD Major Fraud has arrested 16 suspects for mortgage fraud involving 14 properties. They have dropped zip code 30310, once number one in the country for mortgage fraud, to number three.
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