Three women pleaded guilty on Monday for a mortgage fraud scheme that cost mortgage lenders more than $1.9 million in fake loans.
Patricia Smith and daughter Jamilah Smith of Irvington, NJ pleaded guilty to counts of the Superseding Indictment, which charged them and the third women, Carol Ashley, with wire fraud.
According to the statements made in court both Patricia and Jamilah Smith served as “straw buyers” for condominiums in North Wildwood. However, when they lacked financial resources they turned to creating false bank statements, W-2 forms and pay stubs from Carol Ashley’s company, Exclusive Entertainment Production in the Los Angeles area.
Ollie Thaxton, the fourth defendant in the scheme has also pleaded guilty for wire fraud and is scheduled to be sentenced in January.
The charges could sentence all three women with 30 years in prison and a $1 million fine.
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