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ABC Special Report
Investigation: New Home Heartbreak
Trump - NAHB Homebuilders Shoddy Construction and Forced Arbitration
Mortgage Scam
Saturday, 02 July 2005
Six are indicted in mortgage scam
A Katy real estate broker remained at large Thursday after his indictment in connection with what federal prosecutors said was a multimillion-dollar mortgage fraud scheme...
Arrested Wednesday and freed on $50,000 bail were James Turner, 51; Michael McKelvey, 52; Gerald Scott, 54; and Johnny Hill, 58, all of Houston. In custody pending a Tuesday detention hearing was Cynthia Eneanya, 33, of Katy.

Six are indicted in mortgage scam 
Copyright 2005 Houston Chronicle

A Katy real estate broker remained at large Thursday after his indictment in connection with what federal prosecutors said was a multimillion-dollar mortgage fraud scheme.

Peter Gibson Kolo, 49, was among six people named Tuesday in a 24-count indictment accusing them of obtaining mortgages for amounts greater than those received by the seller and pocketing the difference.

Arrested Wednesday and freed on $50,000 bail were James Turner, 51; Michael McKelvey, 52; Gerald Scott, 54; and Johnny Hill, 58, all of Houston. In custody pending a Tuesday detention hearing was Cynthia Eneanya, 33, of Katy.

The indictment accuses them of paying $5,000 each to home buyers who then defaulted on the mortgages for 12 houses. They are accused of illegally wiring $6.9 million to title companies to close on the purchases. The U.S. Attorney's Office is asking the six to forfeit about $1 million in proceeds from the alleged scheme.

 
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Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


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