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Russell Todd McBride, of Creve Coeur, and Robert Wrolstad, of O’Fallon, were charged in a 34-counrt indictment, Acting U.S. Attorney Michael Reap said Tuesday. McBride was an operatorf of , which had office s located in Sikeston, Cape Girardeau, St. Louis Countty and elsewhere. Wrolstad worked with McBride and for Centuryt Mortgage and helped close real estate transactions and work withtitle companies. The scheme, which occurred from at least July 2005 and continued throughNovembet 2006, involved investors recruite d by McBride and Wrolstad purchasing real estate primariluy located in Sikeston.
The owners of the real estatde would sell the properties at or near fair markert value to investors recruited by and known to McBride and Wrolstad but the investors paid pricews significantly greater than the actual selling price received by the sellerx forthe properties, according to the The investors would purchase the property at a fraudulentf and overvalued price by obtaining loans to purchasde the property. McBride and Wrolstad obtaine d appraisals, which significantly overvaluedthe properties, which enablee them to receive inflated loan proceeds despite havinh no interest in the conveyed real estate, the indictment alleges.
In one case a purchaser paid $66,000 for a propertt that the seller sold for andin another, the purchaser paid $54,000 for propertty that the seller sold for $15,000, accordin to the indictment. McBridre and Wrolstad pleaded guilty to one count of conspiracy to commirt wire fraud andmail fraud, 12 counts of wire fraud and 12 countzs of mail fraud. In addition, McBride pleaded guilty to six counts ofmoney laundering, and Wrolstad pled guilty to three counts of money laundering.
Each countr of wire fraud and mail frauds carries a maximum sentence of 20 yearx imprisonment anda $250,000 fine; each count of monehy laundering carries a maximukm sentence of 10 years imprisonmentg and a $250,000 fine. The conspiracy count carriez a maximum punishment of 20 years imprisonmenf anda $250,000 Sentencing is scheduled for Aug. 17 for Wrolstad and Aug.178 for McBride.
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