A Silver Spring man pleaded guilty June 12 to taking part in a $2.2 million mortgage fraud scheme.
Dennis O. Edwards, 49, pleaded guilty to a conspiracy to commit bank fraud charge before U.S. District Judge Peter J. Messitte in U.S. District Court in Greenbelt, according to court documents.
In early January 2006, Edwards, who was unemployed and receiving disability checks for $1,000 per month, took out two mortgage loans by misrepresenting himself to the Wells Fargo Bank as a nurse and a moving company employee earning $6,000 per month, according to Edwards’ plea.
Samuel C. Hamilton, Edwards’ defense attorney, did not return calls for comment.
Edwards used the loans to purchase a house, 305 Dennis Ave., Silver Spring, for $380,000 in February 2006, according to court documents and state property records.
During his purchase of the Dennis Avenue home, Edwards met two sisters — a loan officer for Bank of America and a real estate company employee — who became co-conspirators in his scheme, according to Edwards’ plea. Neither sister is named in court documents, said Marcia Murphy, a U.S. Department of Justice spokeswoman.
“I can’t comment on either of his co-conspirators other than to confirm that one of them was a Bank of America loan officer,” Murphy said. “No one else has been charged in relation to this case other than Mr. Edwards.”
The loan officer arranged for Edwards to purchase a second home on Riggs Road in Hyattsville for $384,750 later that year by relaying false information to her employer regarding Edwards’ income and suitability for a loan, court documents state.
Edwards also purchased a home at 11501 Manorstone Lane in Howard County for $1.5 million using fraudulently obtained loans, court records indicate. He lived in the Dennis Avenue house and the bank loan officer lived in the Manorstone Lane property, for which she eventually defaulted on payments, court documents state.
Edwards is scheduled to be sentenced Sept. 10, court documents state. No recommendations as to Edwards’ sentence were submitted in the case as of his plea hearing, Murphy said.
“Based on his plea agreement, assuming he doesn’t have a prior criminal history, the guidelines range is a sentence of 27 to 33 months,” she said. “Of course, the judge can go above or below that depending on the circumstances.”