(Sioux City)– An Emmetsburg real estate broker has been charged in U.S. District Court with fraud, identity theft and money laundering.
59-year-old Jean Hoffert was charged with 13 counts of mail fraud, six counts of bank fraud, three counts of aggravated identity theft and three counts of money laundering.
The charges are contained in an indictment unsealed today (Tues.).
It alleges that between about the spring of 2005 and the summer of 2008 Hoffert fraudulently kept portions of sale or mortgage loan proceeds. She’s accused of using the money for her own purposes, instead of using the proceeds to pay off existing mortgage loans on the properties as she was required to do. In one instance, court documents say Hoffert allegedly used over 18-thousand dollars in loan proceeds to pay off an automobile loan.
The indictment alleges that, in order to conceal her fraud, Hoffert caused original mortgage lenders to send statements and other bank correspondence to a post office box under her control.
The indictment also alleges Hoffert attempted to conceal her fraud by making payments on existing mortgage loans. Hoffert allegedly used the account numbers and names of other persons without authority to do so.
If convicted on all charges, Hoffert faces a mandatory minimum sentence of two years’ imprisonment and a possible maximum sentence of 476 years’ imprisonment, a fine of $6,250,000; $2,500 in special assessments and 81 years of supervised release following any imprisonment.
Hoffert appeared today (Tues.) in federal court in Sioux City and was released on bond. Her next appearance is set for January 3rd, 2011.
The case was investigated by the Spencer and Emmetsburg Police Departments, Iowa Division of Criminal Investigation, U.S. Postal Inspection Service and the Federal Bureau of Investigation.
