The Joplin Globe, Joplin, MO

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November 21, 2008

Mortgage-fraud scheme alleged in court documents

From staff reports

news@joplinglobe.com

A Carl Junction man is among a half-dozen people named in a 55-count federal indictment charging mortgage fraud.

Steven Ray Spencer, 47, was indicted Thursday for his alleged role in a scheme to defraud home mortgage lenders in Christian and Greene counties from January 2006 through February 2007, according to the office of John Wood, U.S. Attorney for the Western district of Missouri.

Also indicted were Charles M. Davis, 34, of Rogersville; Cheryl Joan Kassebaum, 42, and her husband, Scott Allen Kassebaum, 42, both of Ozark; Randall Lee Hall, 59, and Shanda Lynn Moore, 44, both of Springfield.

Davis and Spencer are accused of soliciting people to buy homes with the understanding that they would return part of the purchase price to the buyer after closing. Then they filed loan applications containing false information and submitted them to lenders outside Missouri.

The lenders were not told that a portion of the home’s purchase price would be returned to the buyer.

The alleged scheme involved loans for 13 houses ranging from $200,000 to $500,000. Proceeds returned to the borrowers ranged from less than $30,000 to more than $100,000.

The Associated Press contributed to this report.

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