JPMorgan Chase Loan Officer Ross D. Pickard Pleads Guilty To Conspiracy To Commit Loan Fraud
JPMorgan Chase Loan Officer Ross D. Pickard pleaded guilty to conspiracy to commit loan fraud. The 63-year old faces a maximum penalty of five years in federal prison. Pickard also faces up to 30 years on each of the fraud counts.
Pickard was a senior loan officer at JP Morgan Chase Bank in Naples, Florida. He conspired with others to defraud the bank. Pickard and others completed and submitted mortgage loan applications containing false and fraudulent statements. In addition, he also certified the information with underwriters.
Pickard and his cohorts overinflated income and assets. In addition, he also understated liabilities and false occupancy. Consequently, Pickard’s false and fraudulent statements on the loan applications allowed JP Morgan Chase to fund mortgages for unqualified borrowers.
JP Morgan Chase Bank suffered $33 million because of Pickard’s criminal conduct. You can read Pickard’s Plea deal here.
Stephen Muldrow made the announcement. Muldrow is the acting United States Attorney for the Middle District of Florida. Muldrow also told the media:
By relying on Pickard’s false and fraudulent statements on the loan applications, JP Morgan Chase funded mortgage loans for otherwise unqualified borrowers.
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