Convictions Handed Down in Home Loan Fraud Investigation with Region 8 Ties

DECEMBER 11, 2006 - Posted at 3:23 p.m. CST

LITTLE ROCK, AR - A guilty verdict was returned late last week in a federal jury trial in Little Rock against 52-year-old Debra Jean Price, who was convicted of one count of conspiracy to commit mortgage loan fraud.  Two other defendants, 53-year-old Debby Cossitt of Searcy and Shannon Hill, both pled guilty during the middle of the trial.  Cossitt pled guilty to one count of conspiracy to commit mortgage loan fraud and one count of filing a false income tax return for 1998.  Hill pled guilty to conspiracy to commit mortgage loan fraud.

Cossitt, owner/manager of several manufactured home sales companies in Jonesboro, Searcy, Batesville and Harrison, admitted to fraudulently submitting falsified mortgage loan applications and supporting documents to lenders in order to increase sales.

Price and Hill were both employed by Cossitt.

The investigation was conducted by the IRS Criminal Investigation Division and the FBI.