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Former mortgage company president sentenced to 104 months in federal prison, paid more than $51.8 million in restitution after pleading guilty to fraud

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OKLAHOMA CITY (KFOR) – A former president of an Oklahoma City-based mortgage lender was sentenced to 104 months in prison and ordered to pay $51,861,806.40 in restitution to victims for defrauding victims of fraud. Locally based banker, Fannie Mae, landlord and others for 3 years.

Officials say Ronald J. McCord 70 years old is the former president of First Mortgage Company, a mortgage and loan service provider based in Oklahoma City.

According to the federal indictment, McCord is charged with defrauding Spirit Bank and Citizens’ State Bank.

Officials say McCord sold more than $14 million in Spirit/Mortgage Cop. and loans of the Funding Company / Joint Stock Company ‘untrusted’ when he fails to repay the customer’s loans after they have been refinanced or have been paid off.

In fact, the indictment alleges that McCord would “double finance” some loans by receiving funds from both financial institutions for the same loan.

The indictment also claims that McCord misled Fannie Mae by transferring escrow funds for tax and insurance purposes to homeowners to cover FMC’s operating expenses. As a result, the Oklahoma City landlord missed paying taxes.

“The indictment further alleges that McCord laundered the stolen deposit by using the funds to write checks for himself, paying more than half the purchase price of his son’s $900,000 Oklahoma City home, and build a vacation home in Colorado,” a statement from the United States Attorney’s Office in the Western District of Oklahoma read.

At today’s sentencing hearing, Robin J. Cauthron Honor found that McCord caused damages totaling more than $95,000,000.00 to local banks, other financial institutions, and riders’ landlords. get a loan.

“This was a carefully calculated scheme in which the defendant defrauded local banks of tens of millions of dollars, made false statements to a financial institution, diverted escrow funds for the purpose of purpose of paying homeowner taxes and insurance premiums to cover his company’s operating expenses, and then laundering the proceeds to finance his lavish lifestyle,” said Acting U.S. Attorney Robert Troester speak. “This sentence will be taken as notice that those who defraud financial institutions for personal gain will be held accountable.”

McCord pleaded guilty to fraud back in May.

Prior to the plea agreement, McCord faced 30 years in prison and a fine of up to $1 million each for bank fraud and making false statements with a financial institution fee, as well as like up to 10 years in prison and a $250,000 fine. wash count.

Today, the Court ordered McCord to surrender himself to the Federal Bureau of Prisons on January 6, 2022 for his sentence. The court also ordered McCord to serve three years of supervised release from custody.

https://kfor.com/news/local/former-mortgage-company-president-sentenced-to-104-months-in-federal-prison-pay-more-than-51-8-million-in-restitution/ Former mortgage company president sentenced to 104 months in federal prison, paid more than $51.8 million in restitution after pleading guilty to fraud

Dais Johnston

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