A 31-year-old West Columbia man pleaded guilty in federal court to mortgage fraud, the U.S. Attorney’s Office announced today.
Robert Sasser, a real estate agent and mortage broker, was involved in eight real estate transactions financed for about $2.5 million by Wachovia, according to the U.S. Attorney, and the loans were collateralized by homes that were significantly overvalued.
The loan documents contained fradulent information, the U.S. Attorney said, including overstated or fabricated income and assets and forged signatures.
That information caused loans to be approved for applicants who could not afford them, the U.S. Attorney said, which caused them to go into foreclosure.
Sasser, who pleaded guilty to wire fraud, faces a fine of $250,000 and/or a prison sentence of 20 years, plus a $100 special assessment. He will be sentenced in about 90 days by U.S. District Judge Margaret Seymour.