Hoschton is a small town, about 50 miles outside of Atlanta, Georgia, near Gwinnett County. It made big news last Tuesday, however, when former Hoschton mortgage broker Edward Williams Farley was sentenced to 25 years in prison for mortgage fraud, a check-kiting scheme and bankruptcy fraud.
In addition to his prison time, the judge ordered Farley to pay more than $24 million in restitution.
Prior to his conviction, Farley had faced charges of mortgage fraud, which was carried out via same-day property flips and the use of unqualified investors and borrowers. According to United States Attorney Sally Quillian Yates, Farley, operating under several different business fronts, had defrauded money lenders of some $23 million.
Two other Georgia men were charged with crimes related to Farley’s multiple money-making schemes and joined him in court. Walter Julius Herman, who participated in Farley’s mortgage fraud scheme, was sentenced to two years in prison for bank fraud.
Trent Edward Wright, a real estate closing attorney, received one year and nine months in prison for committing mail fraud and was ordered to pay nearly $2.5 million in restitution.
Wright was not involved in Farley’s mortgage fraud case, but was instead charged as a co-defendant in a separate real estate investment/Ponzi scheme supposed to have been operated by Farley. The prosecution alleged that Farley, under the name Alliance Resource Management,” misled banks, real estate investors and private citizens, netting more than $20 million.
Authorities from the U.S. Department of Justice also charged Farley with improperly attaining $1.2 million from Washington Mutual Bank via check-kiting and with bankruptcy fraud. No one else was charged with Farley in regards to these final accusations.
Contact a Talented Criminal Defense Attorney
Being charged with federal Mortgage fraud is a serious matter. If you find yourself in such a situation, having a skilled attorney on your side can make all the difference. Do not hesitate to contact the legal counsel at the Federal Criminal Law Center in Georgia today. By either filling out an online form or calling the firm at 404.633.3797.
- Hoschton Man Sentenced in $23 Million Fraud Scheme (Access North Georgia)