victimized lenders and title insurance companies.
Wright will also have to serve three years of supervised release once he leaves prison and was ordered to pay $2.4 million in restitution to the victims. Wright pleaded guilty to the mail fraud charge in a Criminal Information last December.
Prosecutors say Wright, then a real estate closing attorney operating from an office in Sugar Hill, closed approximately 17 loans in which lenders were falsely assured that all prior loans encumbering the properties securing their loans had been paid off. Those lenders then believed that they would be in first position to recoup their loan amounts from the sale of the properties should they go into foreclosure.
They says Wright also wrote title insurance for these loans although he failed to pay off numerous prior recorded liens which encumbered the properties. Rather than ordering title searches and requesting pay off amounts from all prior lenders as required before the new loan closings, Wright either failed to order title searches or disregarded recorded prior encumbrances, causing over $2.4 million in losses. Wright closed his law practice in January 2007, and surrendered his license to practice law in December 2009.
A co-conspirator in a related case, Edward William Farley, 47, Hoschton, operated through a company called Alliance Resource Management (ARM) located in Lawrenceville as the borrower and received the proceeds from the 17 mortgage loans closed by Wright. In seeking funds for other loans, Farley told real estate investors, lenders, and banks, that they would get returns of 14% to 60%. Farley also promised them that they, too, would be first position to recoup their loan amounts from the sale of the properties should they go into foreclosure.
Farley, in fact, according to prosecutors, used the same property to falsely â
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