Broken Arrow, Oklahoma – Gerald Wayne Snow, Sr., a.k.a Gerald Snow, has pled guilty to Conspiracy to Commit Wire Fraud, in violation of Title 18, United States Code, Section 1349 and five counts of Wire Fraud, in violation of Title 18, United States Code, and Section 1343. The Superseding Indictment also contained a criminal forfeiture of $4,878,743.87.

Charges arose from an investigation by the Federal Bureau of Investigation. The Superseding Indictment, filed in February 2010, alleged that Gerald Snow and his son, Jerry Snow, built and sold houses in the Jordan Oaks and Megan Farms subdivisions of Wagoner County, Oklahoma. As previously reported on Mortgage Fraud Blog, Gerald Snow conspired with his son and others to defraud mortgage lenders to loan money on homes sold by the Snow’s.

In order to get the mortgage lenders to loan funds, the defendants conspired to submit false loan applications, falsely reported the source of down payments and closing costs, inflated the purchase prices of the homes and concealed the cash back payments to buyers.