Real Estate & Property Law
NC Lawyer Convicted in $15M Mortgage Fraud Case
Posted Apr 2, 2009 4:48 AM CST
By Molly McDonough
Jurors convicted Charlotte, N.C., real estate lawyer Victoria Sprouse on Wednesday of 18 charges stemming from mortgage fraud schemes involving more than 200 properties.
The case, deemed one of the largest mortgage fraud cases in Mecklenburg County's history, involved $15 million in fraudulent loans, the Charlotte Observer reports.
Sprouse, accused by prosecutors of running "a one-stop mortgage fraud shop," continues to maintain her innocence, telling the Observer, "All I can say is I'm disappointed."
"I'm disappointed the jury could think that mistakes, errors and sloppiness in a busy law firm equates to fraud," she said. "I have so many supporters. I'm sorry they were let down as well."
Jurors convicted Sprouse of bank fraud, money laundering and conspiracy charges. She faces 25 years in prison. Five other accused co-conspirators pleaded guilty to their roles in the fraud, which involving buying and flipping properties at inflated prices.
Earlier Coverage:
ABAJournal.com: "I Didn’t Know What I Was Signing, Testifies ‘Ruined’ N.C. Real Estate Attorney"
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Comments
B. McLeod
Apr 2, 2009 7:24 AM CST
“Ruined” is so melodramatic. I mean, she stands to get out at 63, with still a few years to work until retirement. So, all is not lost.
I have a feeling many more lawyers will end up going this same road behind the meltdowns of mortgage schemes.
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Paul the Magyar
Apr 2, 2009 11:29 AM CST
“Ruined” is NOT a melodramatic overstatement of the effect of this conviction on this attorney. Whether the conviction is—or the sentence will be—just or unjust, the effects are, indeed ruination.
Were I to face a sentence of 25 years, loss of my license and practice, I would also think that to be ruination. Her website: http://www.vsprouse.com/about_us.html
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B. McLeod
Apr 2, 2009 12:20 PM CST
Granted, her practice is certainly “ruined.” But (as commonly understood in the context of something entirely laid waste or destroyed beyond repair), she is not “ruined.” Indeed, even for her custodial period, she will have room and board, clothing, nutrition and medical care, at standards well above what is available to thousands who have committed no crime at all. Then, she will be released, with decades probably remaining to her life expectancy, and in fact, prior to normal retirement age. Indeed, some resilience will be called for, but this is certainly not the end of the world for her.
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john
Apr 3, 2009 10:13 AM CST
Don’t do the crime if you can’t do the time.
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