Man Sentenced In Wagoner County Real Estate Fraud

Wednesday, January 12th 2011, 3:10 pm
By: News On 6

WAGONER COUNTY -- The junior member of a father and son team accused of fraud has been sentenced to prison. Gerald Wayne Snow, Jr., also known as Jerry Snow, received 3.5 years imprisonment and 3 years of probation for conspiracy to commit wire fraud in a Wagoner County real estate scam.

Snow, 41, was also ordered to forfeit $2.5 million to the United States.

Snow's charges arose from an FBI investigation into financing for homes in the Jordan Oaks and Megan Farms subdivisions. The Snows were found guilty of defrauding mortgage lenders to loan money on homes they were selling.

11/18/2010 Related Story: Broken Arrow Man Sentenced In Real Estate Scheme

The Snows "solicited and induced buyers by promising to pay down payments, closing costs and provide cash back to the buyers after closing," according to a release by the U.S. Attorney for the Eastern District of Oklahoma's office.

"In order to get the mortgage lenders to loan funds, the defendants conspired to submit false loan applications, falsely reported the source of down payments and closing costs, inflated the purchase prices of the homes and concealed the cash back payments to buyers," the release states.

Snow will begin serving his term on February 9. His father, Gerald Snow Sr., was sentenced to 7.5 years in November of 2010.