Colorado Man Indicted for Obtaining Fraudulent Mortgages

Gary Noble, 31, of Denver, Colorado, was indicted by a federal grand jury in a 63-count wire fraud scheme, whereby Noble, through various companies he controlled, had his relatives purchase homes with loans obtained from commercial lenders through the use of false and fraudulent documents.
Noble had his relatives buy the homes through Noble Mortgage Company. Another of his companies, Noble Title Agency, issued title insurance commitments purporting to show that the purchasers were purchasing the properties free and clear of any prior loan encumbrances. Any such prior loans were to be paid off from the loan proceeds obtained from the mortgage lenders. Noble Title agency acted as settlement agent for the lenders. Instead of paying-off the prior mortgages from the loan proceeds, portions of the loan proceeds were appropriated by Noble to his own use and benefit. In many cases, the properties were resold shortly after their purchase to Noble’s and his family’s associates.
Noble was arrested in California on June 3, 2010, and is free on bond, pending a court date in Denver Federal Court on June 18. A conviction on each count of the indictment could result in as much as a 20-year prison term and/or a fine of $250,000. The court can also order that restitution (repaying the allegedly ill-gotten money) be made by Noble

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