Mortgage Loan Scheme Uncovered

Five people have been indicted in federal fraud cases; all of the defendants are mortgage and real estate industry insiders.

One of the indictments returned by the Grand Jury for the Southern District of Iowa charges Jason Kibbee, age 37, of Kellogg, Iowa, with one count of wire fraud and one count of making a false statement to a financial institution.

The Indictment alleges that Kibbee made false statements, used a disabled relative as a straw buyer, and forged documents in connection with a real estate transaction that he said would help a homeowner whose house was in foreclosure. Kibbee is also accused of keeping money paid by the homeowner instead of applying it to the mortgage.

The indictment also alleges that Kibbee was an employee of a mortgage brokerage at the time of the offenses and alsoowned a company that purportedly helped distressed borrowers with their mortgage loans.

The other indictment charges conspiracy to commit wire fraud against Lane Anderson,age 37, of Altoona, Iowa; David Mable, age 46, of Urbandale, Iowa; Shannon Flickinger, age 42,of Earlham, Iowa; and Paul Kramer, age 41, of Granger, Iowa. The four defendants are accused
of conspiring to obtain at least 13 mortgage loans through the use of false statements, strawbuyers, and other false and fraudulent pretenses.

According to the indictment, Kramer was the principal of a mortgage company at the time of the alleged offense, while the other three defendants owned and operated a real estate development company.

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