SHERMAN (KYTX) – A 35-year-old Allen, Texas man has pleaded guilty to mail fraud in in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Marcus Brian Curry pleaded guilty to mail fraud today before U.S. Magistrate Judge Don D. Bush.
According to information presented in court, from June 2006 to February 2014, Curry, the owner and operator of South Coast Group, L.P., a real estate company located in Allen, devised a scheme to defraud certain homeowners and buyers.
To facilitate the scheme, Curry solicited distressed homeowners through mail advertisements and convinced them they could protect their credit by transferring the title to their homes to him with the promise he would assume responsibility for making the mortgage payments. Curry would then sell the property to a new buyer representing that he was the true owner of the property, omitting that there was still an original lien holder, and in most cases, not paying the mortgage payments to the original lien holder as promised.
In order to conceal the existing lien from the buyer, Curry financed the mortgage himself and had the new buyer send payments to a private mail box under his control.
As a result of his fraudulent actions, Curry caused a loss to homeowners, buyers and lending institutions of approximately $2,362,350.
Curry faces up to 20 years in federal prison at sentencing. A sentencing date has not been set.
This case is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Christopher A. Eason.