Ex-MBGN & Husband In US Jail For Fraud

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A former MBGN, Sandra Petgrave who won the Most Beautiful
Girl in Nigeria in 1992 is presently in a US jail with her husband also
in jail. The couple who have six children where arrested for fraud which runs
into millions of dollars. The couple where jailed towards the end of 2015. Here’s
how the official FBI website reports their story.
Chiedu “George” Chukwuka has been sentenced in connection
with his lead role in a mortgage fraud ring that spanned five years and caused
millions in losses. Chukwuka, along with his co-defendants and other
co-conspirators, engaged in a massive property-flipping scheme resulting in
over $5.8 million in actual losses to financial institutions between 2006 and
2011.
“At the height of the recent mortgage-fraud crisis, this
property-flipping scheme caused scores of homes to fall into foreclosure,
costing financial institutions millions of dollars in losses,” said U.S.
Attorney John Horn. Continue…

“The sentencing of Mr. Chukwuka brings to a close a lengthy
investigation and prosecution of a criminal enterprise that targeted the
banking industry through their prolific mortgage fraud schemes. Mr. Chukwuka,
considered by law enforcement and prosecution to be head of this enterprise,
caused extensive damage with high loss amounts to those victim banks involved.
The FBI is pleased with the role it played in bringing about this sentencing to
federal prison of Mr. Chukwuka as well as the previous sentencings of his
co-defendants in this matter,” said J. Britt Johnson, Special Agent in Charge,
FBI Atlanta Field Office.
According to U.S. Horn, the charges and other information
presented in court: Chukwuka, along with his co-defendants and co-conspirators,
recruited straw buyers to purchase homes at a discounted price, typically a
bank-owned or distressed property. The group then recruited a second straw
buyer to purchase the same home at a dramatically inflated price. In turn,
Chukwuka, his co-defendants and co-conspirators applied for an acquisition loan
for the second straw buyer, supporting the loan application with false income,
fake employment, and fraudulent net worth data.
The group profited from their scheme by pocketing the
acquisition loan proceeds paid by the victim bank to the straw seller (who was
the straw purchaser in the first transaction). The amount of profit was the
difference between the price paid by the straw purchaser in the first
transaction and the price paid by the straw purchaser in the second
transaction, less transaction costs. Since none of the straw purchasers made
any significant loan payments, the targeted properties usually went into
foreclosure, resulting in over $5.8 million in actual losses to financial
institutions between 2006 and 2011.
Chiedu “George” Chukwuka, 47, of Stone Mountain, Georgia,
was sentenced by U.S. District Court Judge Timothy C. Batten, Sr. to serve nine
years in prison to be followed by three years of supervised release, and
ordered to pay restitution in the amount of $5,868,243.80. Chukwuka was
convicted of conspiracy to commit wire fraud on August 10, 2015, after he
pleaded guilty.
The following five defendants also pleaded guilty for their
roles in the scheme, and were previously sentenced by U.S. District Court Judge
Timothy C. Batten, Sr. as follows:
Shelly Gee, a/k/a Shelly Baker, 48, of Atlanta, Georgia, was
sentenced on November 10, 2015, to one year, six months in prison, to be
followed by three years of supervised release, and ordered to pay restitution
in the amount of $2,243,909.99. Gee was convicted after pleading guilty on June
17, 2015.
Sandra Petgrave, 43, of Stone Mountain, Georgia, was
sentenced on December 4, 2015, to one year, six months in prison, to be
followed by three years of supervised release, and ordered to pay restitution
in the amount of $1,051,970.77. Petgrave was convicted after pleading guilty on
August 18, 2015.
Kennedy Simmonds, 54, of Snellville, Georgia, was sentenced
on December 17, 2015, to three years, ten months in prison, to be followed by
three years of supervised release, and ordered to pay restitution in the amount
of $5,868,243.80. Simmonds was convicted after pleading guilty on July 6, 2015.
Marcelle Welch, 37, of Stone Mountain, Georgia, was
sentenced on December 17, 2015, to two years, three months in prison, followed
by three years of supervised release, and ordered to pay restitution in the
amount of $2,554,189.25. Welch was convicted after pleading guilty on July 29,
2015.
Leah Freeman, 43, of Atlanta, Georgia, was sentenced on
December 17, 2015, to two years in prison, to be followed by three years of
supervised release, and ordered to pay restitution in the amount of
$1,828.532.94. Freeman was convicted after pleading guilty on June 19, 2015.
In a related case, Chinedum Oli, 42, of Snellville, Georgia,
was sentenced on February 19, 2013, by Senior U.S. District Court Judge Marvin
H. Shoob to five years in prison, followed by five years of supervised release,
and ordered to pay restitution in the amount of $4,373,281.63. Oli was
convicted after pleading guilty on October 9, 2012.
These cases were investigated by the Federal Bureau of
Investigation.
Assistant United States Attorneys Jamie L. Mickelson and
Steven D. Grimberg prosecuted the cases.

This announcement is part of efforts underway by President
Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in
November 2009 to wage an aggressive, coordinated and proactive effort to
investigate and prosecute financial crimes.

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