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Thu January 10, 2013
Ex-broker guilty in fraud scheme
A former St. Louis real estate broker faces sentencing in April after admitting in federal court that he defrauded the government and financial institutions of more than $1 million.
Authorities say 28-year-old Jerrick Hawkins pleaded guilty Wednesday to multiple fraud charges. Prosecutors say Hawkins recruited people to apply for conventional and FHA loans to buy properties in the St. Louis area and directed them to supply false employment and income information.
Most of the loans went into default because the borrowers failed to make payment on the loans, but Hawkins received substantial payments because of the fraud scheme.