Former Dallas Cowboys Player Facing Mortgage Fraud Charges

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A former Dallas Cowboys player, Godfrey Myles,  who was drafted in 1991 and played ’till 1996 and won three Super Bowls during his tenure, is facing federal charges in connection with an alleged $2.5 million mortgage fraud in Miami, Florida.

The former NFL player plus two other Florida men, plus real estate broker David Lam were charged in an 11-count indictment with conspiracy to commit mail and wire fraud, wire fraud and making false statements on loan applications to a mortgage lender, all this according to the South Florida Sun-Sentinel. The men are all in their mid forties and could face prison terms of up to 20 years.

Allegedly, Myles and the two other defendants used fictitious buyers to obtain $2.55 million in loans on two properties, and submitted inflated home prices to the lender, according to the indictment. They are also charged with laundering more than $488,000 in fraudulent loan proceeds.

Mortgage fraud is apparently on the increase: The FBI reports that mortgage fraud in the United States increased 5 percent in 2009, with an estimated $14 billion in phony frauds just last year. During 2009, as foreclosure filings increased 120 percent, the FBI said it received 67,190 reports of mortgage fraud activity.