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Latest Legal News from the Criminal Courts in Houston, Texas
July 02, 2007
CLEAR LAKE DEVELOPER/BROKER INDICTED FOR MULTIPLE FRAUDS
(HOUSTON) – A federal grand jury has indicted a Clear Lake area real estate developer/broker for bank fraud and making false statement on loan and credit application to borrow millions of dollars from various Houston area banks, United States Attorney Don DeGabrielle announced today.
RICHARD DOUGLAS BELL, 48, a Clear Lake area real estate developer and loan broker, is charged in a six count indictment returned under seal in Houston on Thursday, June 28, 2007. The indictment was unsealed today following Bell’s arrest this morning by FBI agents at his Clear Lake office. Bell appeared before U.S. Magistrate Judge Frances Stacy today has been ordered temporarily detained without bond pending a hearing set for Monday, July 2, 2007 at 10:00 a.m.
According to the allegations in the indictment, Richard Bell was a mortgage broker and self-styled real estate developer who operated a residential mortgage office in the Clear Lake area from 2000, the same year Bell was discharged from bankruptcy, until 2006. Bell allegedly conducted real estate business through two of his companies called Harborside Mortgage Corporation and Fidelity Capital Real Estate Investments, LLC.
Bell is accused of bank fraud and of making false statements on a loan or credit application relating to three separate loan transactions conducted by Bell in December 2004 and in May 2006. In a series of allegations, the grand jury charges that:
In December 2004, Bell successfully obtained a $1 million loan from Wells Fargo Bank to buy a home in League City, Texas by using false and fraudulent documents about his income, assets, bonus, and credit history.
During May 2006, Bell, using Fidelity Capital Real Estate, LLC as the borrower, successfully obtained a $1.7 million loan from Wachovia Bank to refinance an office building located at 17100 El Camino by allegedly submitting false and fraudulent documents about his income and assets, and
In June 2006, approximately 17 days after obtaining the $1.7 million loan, the indictment alleges Bell went back to Wachovia and applied for an unsecured loan of $2.6 million to Harborside Mortgage Corporation, presenting the same false and fraudulent documents about his income and assets to obtain the loan. Wachovia approved the loan for $2.6, but refused to fund it after receiving an anonymous package containing copies of civil judgments against Bell that he failed to disclose to the bank.
Bell is accused of submitting falsified federal income tax returns and W-2 wage and tax statements in all three transactions and having falsified information about assets.
If convicted, each of the three counts of bank fraud and three counts of false statement on a loan and credit application carries a maximum punishment of 30 years imprisonment, without parole, and a maximum fine of $1,000,000.
The indictment also seeks to forfeit property and proceeds obtained from the fraudulent schemes, including $1.7 million in cash and Bell’s League City residence.
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