Source- http://www.fbi.gov/omaha/press-releases/2012/former-mortgage-pool-servicer-indicted-on-federal-wire-fraud-and-money-laundering-charges
DAVENPORT, IA—On November 19, 2012, Thomas Richard Jager, age 64, of Bettendorf, Iowa, made an initial appearance in federal court on an indictment charging 32 counts of wire fraud and one count of money laundering, announced United States Attorney Nicholas A. Klinefeldt. United States Magistrate Judge Thomas J. Shields set trial for January 7, 2013, and the case was assigned for trial to Chief United States District Judge James E. Gritzner.
The indictment alleges that starting on approximately January 1, 2008, and continuing to on or about July 31, 2010, Jager and his mortgage servicing company, Whitehall Funding Inc., then located in Davenport, Iowa, devised and participated in a scheme to defraud in connection with his certain mortgage pools serviced by Jager and Whitehall. The indictment further alleges that Jager drafted and faxed false remittance reports to investors in the mortgage pools and submitted false end of the year reports to mortgagors. The indictment also alleges that Jager improperly transferred funds received from mortgagors to Jager’s personal accounts and in one instance used mortgagor and investor funds to make a payment of $137,660.97 to pay off Jager’s own home equity loan. The indictment also seeks forfeiture of certain real and personal property.
The indictment is merely a charging instrument. Jager is presumed innocent until proven guilty.
If convicted, Jager faces a penalty on each wire fraud count of up to 30 years’ imprisonment, a $1,000,000 fine, or both fine and imprisonment; a period of supervised release of up to five years; a special assessment of $100; restitution to victims; and forfeiture of assets. If convicted on the money laundering count, Jager faces a penalty of up to 10 years’ imprisonment, a $250,000 fine, or both fine and imprisonment; a period of supervised release of not more than three years; a special assessment of $100; restitution; and forfeiture.
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