EmailEmail
PrintPrint
Mortgage schemer pleads guilty
Tuesday, May 23, 2006

A man pleaded guilty to money laundering yesterday for his role in a mortgage flipping scheme that netted more than $1 million.

Jerome Womack, 39, of Flagtown, N.J., is one of several people named in the conspiracy, which involved purchasing houses in poor neighborhoods, then selling them at inflated prices.

In some cases, the homes were sold to straw purchasers, who were paid out of the take on the fraudulent loans. Many of the homes were in Wilkinsburg.

Mr. Womack was one of those straw purchasers. He pleaded guilty to two counts before U.S. District Senior Judge Maurice B. Cohill. Sentencing is set for Aug. 21.

First published on May 23, 2006 at 12:00 am
EmailEmail
PrintPrint
Featured Homes
Featured Rentals