Tucson News NowFormer loan officer indicted in $6 mill. fraud conspiracy

Former loan officer indicted in $6 mill. fraud conspiracy

Posted: Updated:
By Sarah Cantey - email
TUCSON, AZ (Tucson News Now) -

A former Tucson loan officer received a four count indictment today.

Tucson resident Rex Adams, 52, faces charges that include conspiracy to commit wire fraud, wire fraud, and false statement to influence a financial institution.

Adams was allegedly involved in a "cash bank" mortgage fraud conspiracy when he worked for a mortgage broker back in 2006.

The indictment alleges Adams was a part of a conspiracy that used straw buyers to purchase nine properties across Arizona.

The conspirators received approximately $6 million in fraudulent loans to purchase the properties.

Adams sold four of the properties.

Each of the loans or properties in the indictment went into default, "short sale," or foreclosure after the loan applicants failed to make payments on the mortgages.

On each count Adams could face up to $1 million in fines and/or 30 years in prison.

Copyright 2012 Tucson News Now. All rights reserved.

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