Thursday, Nov. 12, 2009 | 3:20 p.m.
A former Las Vegas resident has been charged with federal conspiracy and mortgage fraud for his involvement in a Nevada mortgage fraud scheme involving straw buyers and false mortgage loan documents.
U.S. Attorney Daniel G. Bogden of Nevada said that 38-year-old Brian K. Jackson, currently of Anaheim, Calif., has been charged with conspiracy to commit bank fraud, mail fraud and wire fraud.
Jackson was arrested in the Los Angeles area on Tuesday and appeared before a U.S. Magistrate Judge there, Bogden said. He was released on a $50,000 surety bond.
Jackson is scheduled to be arraigned by U.S. Magistrate Judge George W. Foley in Las Vegas on Nov. 20.
The indictment alleges that Jackson, from about 2002 until May 14, 2008, participated in a conspiracy to defraud financial institutions by causing money from mortgage loans to be diverted for his own use. He owned Unlimited Properties, a Nevada corporation that had its license revoked.
The loans were processed through Sapphire Mortgage in Henderson. Jackson created false and fake information placed in straw buyers' loan applications. He caused the same house to be purchased several times by different straw buyers at increasing sales prices, the indictment alleges.
Jackson diverted the equity from the sales to himself personally, or his now defunct company. He also placed renters in the properties and then defaulted on the mortgages.
The indictment specified one property at 2061 Scenic Sunrise Drive that was sold twice between March 2002 and late 2004. From this one house, Jackson or his company received about $179,000.
In May 2008, Sapphire Mortgage owner Cindy Birkland was arrested and charged in state court with mortgage fraud.
If convicted, Jackson faces up to 30 years in prison and a $1 million fine.
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