I hate reporting news like this. Irving Fryar, one of my favorite Eagles, was indicted on charges of defrauding a bank. Actually, banks. He and his mother were involved in a conspiracy to rip off banks in a mortgage scam.
In announcing the indictment, prosecutors said Fryar and his mother, Allene McGhee, engaged in a ”sophisticated mortgage fraud scam” by allegedly having McGhee submit false information to obtain five loans on her home within a six-day period. The two were indicted on counts of conspiracy and theft by deception.
This is so depressing to find out.
Authorities said Fryar and McGhee provided wage information on her loan applications, falsely claiming she earned thousands of dollars a month as an event coordinator for Fryar’s church. Fryar himself allegedly received or spent more than $200,000 of the fraudulently obtained loan proceeds, they said.
Fryar and McGhee also allegedly made just a few payments on four of the loans, and those banks eventually wrote the loans off as losses, authorities said.
”This is not a case in which Fryar and his mother simply omitted or misstated information on loan applications,” Hoffman said. ”This indictment alleges that they engaged in an elaborate criminal scheme that was designed to defraud these banks of hundreds of thousands of dollars.”