Most Beautiful Girl In Nigeria 1992, Sandra Petgrave and her husband,
George Chukwuka, have been sentenced to jail in the US for their roles
in a $5.8 million mortgage fraud that spanned 5 years. Sandra and Chiedu
have six children together. Investigations by FBI showed that Chiedu led the fraud ring that operated from 2006 to 2011. Sandra was sentenced to one and a half years imprisonment while her husband was sentenced to 9 years in jail. Below is how FBI reported their sentencing..
Chiedu
“George” Chukwuka has been sentenced in connection with his lead role
in a mortgage fraud ring that spanned five years and caused millions in
losses. Chukwuka, along with his co-defendants and other
co-conspirators, engaged in a massive property-flipping scheme resulting
in over $5.8 million in actual losses to financial institutions between
2006 and 2011.
“At
the height of the recent mortgage-fraud crisis, this property-flipping
scheme caused scores of homes to fall into foreclosure, costing
financial institutions millions of dollars in losses,” said U.S.
Attorney John Horn. “Many communities in our district have been
decimated by mortgage fraud during the last 15 years and even now
struggle to recover from the effects of these schemes.”
“The
sentencing of Mr. Chukwuka brings to a close a lengthy investigation
and prosecution of a criminal enterprise that targeted the banking
industry through their prolific mortgage fraud schemes. Mr. Chukwuka,
considered by law enforcement and prosecution to be head of this
enterprise, caused extensive damage with high loss amounts to those
victim banks involved. The FBI is pleased with the role it played in
bringing about this sentencing to federal prison of Mr. Chukwuka as well
as the previous sentencings of his co-defendants in this matter,” said
J. Britt Johnson, Special Agent in Charge, FBI Atlanta Field Office.
According
to U.S. Horn, the charges and other information presented in court:
Chukwuka, along with his co-defendants and co-conspirators, recruited
straw buyers to purchase homes at a discounted price, typically a
bank-owned or distressed property. The group then recruited a second
straw buyer to purchase the same home at a dramatically inflated price.
In turn, Chukwuka, his co-defendants and co-conspirators applied for an
acquisition loan for the second straw buyer, supporting the loan
application with false income, fake employment, and fraudulent net worth
data.
The
group profited from their scheme by pocketing the acquisition loan
proceeds paid by the victim bank to the straw seller (who was the straw
purchaser in the first transaction). The amount of profit was the
difference between the price paid by the straw purchaser in the first
transaction and the price paid by the straw purchaser in the second
transaction, less transaction costs. Since none of the straw purchasers
made any significant loan payments, the targeted properties usually went
into foreclosure, resulting in over $5.8 million in actual losses to
financial institutions between 2006 and 2011.
Chiedu
“George” Chukwuka, 47, of Stone Mountain, Georgia, was sentenced by
U.S. District Court Judge Timothy C. Batten, Sr. to serve nine years in
prison to be followed by three years of supervised release, and ordered
to pay restitution in the amount of $5,868,243.80. Chukwuka was
convicted of conspiracy to commit wire fraud on August 10, 2015, after
he pleaded guilty.
The
following five defendants also pleaded guilty for their roles in the
scheme, and were previously sentenced by U.S. District Court Judge
Timothy C. Batten, Sr. as follows:
- Shelly Gee, a/k/a Shelly Baker, 48, of Atlanta, Georgia, was sentenced on November 10, 2015, to one year, six months in prison, to be followed by three years of supervised release, and ordered to pay restitution in the amount of $2,243,909.99. Gee was convicted after pleading guilty on June 17, 2015.
- Sandra Petgrave, 43, of Stone Mountain, Georgia, was sentenced on December 4, 2015, to one year, six months in prison, to be followed by three years of supervised release, and ordered to pay restitution in the amount of $1,051,970.77. Petgrave was convicted after pleading guilty on August 18, 2015.
- Kennedy Simmonds, 54, of Snellville, Georgia, was sentenced on December 17, 2015, to three years, ten months in prison, to be followed by three years of supervised release, and ordered to pay restitution in the amount of $5,868,243.80. Simmonds was convicted after pleading guilty on July 6, 2015.
- Marcelle Welch, 37, of Stone Mountain, Georgia, was sentenced on December 17, 2015, to two years, three months in prison, followed by three years of supervised release, and ordered to pay restitution in the amount of $2,554,189.25. Welch was convicted after pleading guilty on July 29, 2015.
- Leah Freeman, 43, of Atlanta, Georgia, was sentenced on December 17, 2015, to two years in prison, to be followed by three years of supervised release, and ordered to pay restitution in the amount of $1,828.532.94. Freeman was convicted after pleading guilty on June 19, 2015.
