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Wednesday, April 29, 2009
Waynesville man indicted in alleged mortgage scheme
DAYTON — A Waynesville man accused of running a mortgage fraud scheme was indicted Wednesday, April 29, on federal charges, including a single count of money laundering.
The grand jury also indicted Gregory S. Chew, 41, on 24 counts of illegally structuring currency transactions.
Chew, who did business under the names RB, Inc. and Raging Bull Enterprises, recruited investors to buy and sell real estate in the Dayton area using inflated property appraisals and false promises, according to court documents.
As part of the scheme, lenders were given fraudulent financial information. After Chew obtained mortgages at inflated property values, the money was put to personal use. The indictment alleges that Chew deposited proceeds from fraudulent mortgage loans into his own bank accounts between March 25, 2005 and December 4, 2007.
Count one of the indictment alleges that Chew laundered the proceeds from the unlawful criminal activity by purchasing items for his own personal use. Counts two through 25 allege that Chew structured $213,630.02 in 24 separate deposits into his bank accounts by breaking large deposits into smaller ones in an effort to evade IRS cash transaction reporting requirements.
The indictment seeks forfeiture of a $26,000 motorcycle Chew purchased with proceeds of the crime, and a money judgment in the amount of the structured deposits.
Gregory G. Lockhart, United States Attorney for the Southern District of Ohio, commended the joint investigation by the members of the Greater Dayton Mortgage Fraud Task Force, including the FBI, the IRS, the Ohio Department of Commerce Division of Financial Institutions, the Ohio Attorney General’s Office, the U.S. Postal Inspection Service, the U.S. Department of Housing and Urban Development Office of Inspector General, the Federal Deposit Insurance Corporation Office of Inspector General, and the Perry Township Police Department.
