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Real Estate & Property Law

NC Lawyer Convicted in $15M Mortgage Fraud Case

Posted Apr 2, 2009 5:48 AM CDT
By Molly McDonough

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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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