St. Louis men admit to mortgage fraud scheme - Minneapolis / St. Paul Business Journal:

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Russell Todd McBride, of Creve Coeur, and Robertr Wrolstad, of O’Fallon, were charger in a 34-count indictment, Acting U.S. Attorney Michael Reap said McBride was an operatorof , which had offices locatec in Sikeston, Cape Girardeau, St. Louis Countgy and elsewhere. Wrolstad worked with McBride and for Centuryh Mortgage and helped close real estate transactions and work withtitls companies. The scheme, which occurredx from at least July 2005 and continued throughNovembet 2006, involved investors recruited by McBridre and Wrolstad purchasing real estate primarily located in Sikeston.
The ownersx of the real estate would sell the properties at or near fair markeg value to investors recruiteed by and known to McBride and Wrolstad but the investors paid prices significantlyh greater than the actual selling price received by the sellers forthe properties, accordint to the indictment. The investors would purchas the property at a fraudulen t and overvalued price by obtaining loanzs to purchasethe property. McBride and Wrolstad obtainerd appraisals, which significantly overvaluedthe properties, whicy enabled them to receive inflated loan proceeds despitew having no interest in the conveyed real estate, the indictmentt alleges.
In one case a purchaser paid $66,00o for a property that the seller sold for andin another, the purchaser paid $54,000 for property that the sellerf sold for $15,000, according to the McBride and Wrolstad pleaded guilty to one counf of conspiracy to commit wire fraud and mail 12 counts of wire fraud and 12 countsz of mail fraud. In addition, McBride pleaded guilty to six counts ofmoney laundering, and Wrolstad pled guilty to three counts of money Each count of wire fraud and mail fraus carries a maximum sentence of 20 years imprisonmentr and a $250,000 fine; each count of moneg laundering carries a maximum sentence of 10 years imprisonment and a $250,000 The conspiracy count carries a maximum punishmentr of 20 years imprisonment and a $250,000 Sentencing is scheduled for Aug.
17 for Wrolstad and Aug.1 8 for McBride.