: Here's what is eing reported, by the Associated Press:
Actor Tommy Lister, who has appeared in approximately 100 movies, and a San Fernando Valley accountant were charged today in federal court with conspiring to commit mortgage fraud in a scheme that led to $3.8 million in losses.So what did they DO, you ask?
Lister, who is also known as “Tiny” and “Zeus,” a 54-year-old Chatsworth resident, was charged this afternoon in a criminal information with one count of conspiracy.
A second person involved in the scheme—Arcelia Chavez, 48, of Northridge, who is a self-employed certified tax preparer—was also charged today with conspiracy.
Lister conspired with these individuals to fraudulently acquire title to four residential properties he could not afford. With the help of these individuals and others, Lister obtained mortgages for the four properties through fraudulent means, including submitting mortgage applications that included inflated income and asset amounts; fabricating bank statements and falsifying other documents to substantiate the fraudulent statements in the loan applications; and falsifying escrow records to deceive lenders into believing Lister had made required down payments.He's getting 5 years in PRISON for his crimes. Guess who AIN'T gonna be in the movie FRIDAY part 4!!!
In addition to fraudulently obtaining the mortgages, Lister and his co-conspirators concealed from lenders the fact that he would receive kickbacks from sellers after the real estate deals closed.
Relying on the fraudulent applications and documents, lenders issued mortgages totaling $5.7 million. Lister subsequently defaulted on the four mortgages, causing those lenders and their successors to lose approximately $2.6 million.
After acquiring title to the four residential properties, Lister obtained fraudulent home equity lines of credit on each of the four properties. Lister drew down a total of $1,146,000 in cash from the four HELOCs but did not pay back any of the principal.
Bruh gotta do something...That Friday paper is drying up and he aint do a movie in a min.
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ANOTHER DUMB BLACK MAN.....lol! WHY do some of YALL think that you can do blatant ish and NOT get caught...lol???????????? BLACK MEN ARE THE DUMBEST RACE ON THE PLANET! He OBVIOUSLY took the name zeus because he just felt like he was above it........ALWAYS THAT BLACK EGO THAT GET YOUR *** *** OR IN JAIL......WAKE UP FELLAS!
Quite a few people believe that the current mess that this country is in and the current housing market's condition, is due to how many of these types of loans, were handed out to people, whose credentials were false from the beginning. While I tend to believe that, and also that Wall Street helped to destroy this country, with little to NO oversight, he better pray for a liberal judge when or if he does go to trial. It may be best to plea out, especially if they do have the falsified docs, which you just know will be presented as evidence. I am not sure why someone would want to get a home that they know they can't pay the mortgage on, risk defaulting, and the whole fraud comes crashing down.
He was charged not convicted. That sounds like Bad accounting. I don't see him smart (not that he is dumb I doubt he is dumb) to come up with this. That's Something a degreed accountant could pull off, sounds like he just put his name on it. Kinda like cashing a bad check. But like I said he was charged not convicted
Black Hollyweired is hurting. Ain't no movie roles out their for black actors. Reality tv has dominated the market and left good black actors/actresses out to dry. It's sad that they have to take sellout roles like, "The Help," in order to make money. I use to watch Debo/Lister on the TBN station crying praying and talking about Gods goodness... Why didn't he rely on that same God to see him through hard times... SMDH
@retaH laibrevorP ehT - STFU, YOU GOT BANNED. GTF OFF OF MTO, NOW PUNK!!!
This isn't mortgage fraud, just the everyday RE investment practice. Banks like Citi, JPM, BOA, use these aggressive tactics everyday. Fabricating numbers to acquire mortgages (not deeds)from smaller banks/lenders using these mortgages to leverage against their stock trading portfolio. Big banks than sell collateralized mortgage obligations to other individual /corporation investors to leverage and trade against. Never once giving those smaller lenders any capital back. Of course they're granted immunity by the Federal Reserve in can't be sued..
Tiny won't see jail time, just ordered to give money back to the lenders.. Ppl learn business b4 coming on here calling someone stupid just b/c y'all don't know.
Oh well can't go on forever defrauding the goverment especially California where the laws aren't so lenient. Maybe next time he'll learn a valuable lesson only acquire homes you can afford and don't take out a second loan on the home. Unless you play on paying it back.Lastly California's knee deep in debt wrong state to steal from lol.
LOL, he the main police officer in Chamillionaire's "Ridin'" video! WHY do people live above their means? He clearly did this to gain the 1,146,000 in cash from the four HELOC and that was wrong. According to IMBd he was working and had everything going. You do the crime, you do the time. I hope from this he will move on with his life and continue making movies. Good Luck.
