A former Dallas Cowboys player, Godfrey Myles,¬† who was drafted in 1991 and played ’till 1996 and won three Super Bowls during his tenure, is facing federal charges in connection with an alleged $2.5 million mortgage fraud in Miami, Florida.
The former NFL player plus two other Florida men, plus real estate broker David Lam were charged in an 11-count indictment with conspiracy to commit mail and wire fraud, wire fraud and making false statements on loan applications to a mortgage lender, all this according to the South Florida Sun-Sentinel. The men are all in their mid forties and could face prison terms of up to 20 years.
Allegedly, Myles and the two other defendants used fictitious buyers to obtain $2.55 million in loans on two properties, and submitted inflated home prices to the lender, according to the indictment. They are also charged with laundering more than $488,000 in fraudulent loan proceeds.
Mortgage fraud is apparently on the increase: The FBI reports that mortgage fraud in the United States increased 5 percent in 2009, with an estimated $14 billion in phony frauds just last year. During 2009, as foreclosure filings increased 120 percent, the FBI said it received 67,190 reports of mortgage fraud activity.