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NAPLES — Naples resident Ross Pickard, 63, faces a maximum penalty of five years in federal prison after pleading guilty to conspiracy to commit loan and credit application fraud.
The Tampa office of acting U.S. Attorney W. Stephen Muldrow announced Pickard's guilty plea in a press release.
Pickard was a senior loan officer at JPMorgan Chase Bank, according to the plea agreement, and conspired to defraud the bank with others by “completing, certifying and submitting mortgage loan applications on behalf of borrowers that contained false and fraudulent statements.” The statements included over-inflated income and assets, understated liabilities and false occupancy.
According to the press release, JPMorgan Chase funded mortgage loans for unqualified borrowers by relying on Pickard's statements on the loan applications.
The release also states JPMorgan Chase suffered approximately $33 million in losses associated with Pickard's conduct.
The case is being prosecuted by Special Assistant U.S. Attorney Chris Poor.
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