Four members of a mortgage fraud and money laundering scheme involving condominiums in North Wildwood, N.J., appeared in court to face federal charges, U.S. Attorney Paul J. Fishman announced.
Patricia Smith, Jamilah Smith, Ollie Rudolph Thaxton, and Carol Ashley are charged in a 10-count superseding Indictment for conspiring with others to obtain more than $1 million in mortgage loans for unqualified borrowers to purchase condominium units at the Jersey Shore at inflated prices.
Patricia Smith, 56, and her daughter Jamilah Smith, 30, of Irvington, N.J.; and Thaxton, 68, of Kansas City, Mo.; and Ashley, 57, of Los Angeles, are charged with one count each of conspiracy to commit wire fraud. Patricia and Jamilah Smith are also each charged with one count of conspiracy to commit money laundering, two counts of wire fraud, and two counts of money laundering involving monetary transactions exceeding $10,000. Thaxton and Ashley are also each charged with four and two counts of wire fraud, respectively. All four defendants were arraigned on the charges before U.S. District Judge Jerome B. Simandle in Camden federal court.
The Smiths were previously charged by Complaint and indicted; bail was set for each by U.S. Magistrate Judge Joel Schneider at $20,000. Judge Simandle continued those conditions and set the same conditions for Thaxton and Ashley.
