Metro man arrested in mortgage fraud sting

By Atlanta Business Chronicle
Posted Wednesday, March 15, 2006

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The FBI's second mortgage fraud sting operation in metro Atlanta in less than a month has nabbed a Homeland Security employee who lives in the area.

Homeland Security employee and Alpharetta, Ga., resident Brinson Allen allegedly used false qualifying information to buy a property at 320 Longvue Court in Duluth, Ga., for $3.3 million. He also allegedly posed as an FBI agent to obtain multimillion-dollar mortgage loans. He was arrested at the March 13 closing. Allen had planned on walking away from the loan closing with nearly $800,000 in cash, according to federal authorities.

Allen, 38, is charged with attempting to commit bank fraud and conspiracy to commit wire fraud by allegedly using a falsely inflated income of up to $62,000 a month and the misrepresentation that he had more than $1 million on deposit at Bank of America, SunTrust Bank and the Associated Federal Credit Union to obtain $2.5 million in mortgage loans from SouthStar Funding and CitiHome Equity/CitiBank FSB. The complaint alleges the $3.3 million purchase price was fraudulently inflated so the borrower and his coconspirators could walk away from closing with about $800,000, plus the return of the required $842,000 down payment.

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