Realtor Pleads Guilty to Fraud

West Columbia Realtor and mortgage broker, Robert C. Sasser, 31, pleaded guilty to wire fraud in federal district court in Columbia on Monday, according to U.S. Attorney Bill Nettles.

Nettles said Sasser was involved in eight home transactions financed by Wachovia for approximately $2.5 million. The loans, he said, were collateralized by homes "that were significantly overvalued."

The loan documents contained "multiple misrepresentations," including grossly overstated or fabricated income and asset information, forged signatures, down payments paid by Sasser rather than by the purchaser, and loan payments paid on behalf of, instead of by, the actual purchasers.  

"Significantly, this caused loans to be approved in the names of individuals who could not afford them, which caused them all to go into foreclosure," Nettles said. 

As a result, Wachovia, which is now Wells Fargo, lost nearly $1.7 million.

The maximum penalty Sasser can receive is a fine of $250,000 and imprisonment for 20 years, plus a special assessment of $100. He is expected to be sentenced by U.S. District Judge Margaret B. Seymour within the next 90 days, according to Nettles.