Reverse Mortgage Fraudster Could Face $1 Million Fine or 30 Years

A Texas woman accused of reverse mortgage fraud could face up to 30 years in prison, a $1 million fine, or both, a U.S. Attorney in Rochester, N.Y. announced last week.

Mary Ann Fulbright, of Dallas, is pleading guilty to bank fraud for an alleged reverse mortgage scheme she conducted through the use of her parents’ home. In the allegations, Fulbright fraudulently obtained a HECM loan on a Rochester, N.Y. home owned by her now-deceased parents, according to U.S. Attorney Marisa Miller. The loan was obtained in Fulbright’s father’s name, based upon a fraudulent quitclaim deed that falsely purported to relinquish his wife’s rights to the property, according to the Department of Justice.

A mortgage of $176,000 was allegedly obtained by Fulbright, the funds from which she kept for herself.

The enforcement in the case is part of President Obama’s Financial Fraud Enforcement Task Force, which was established to investigate and prosecute financial crimes. The task force includes representatives across agencies in the effort toward protecting victims of financial crimes.

Fulbright is scheduled to appear for sentencing on January 12, 2012 in Rochester, N.Y.

Written by Elizabeth Ecker

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