Ronald McCord Pleads Guilty to Mortgage Fraud
The president of the Mortgage Bankers Association in the late 1990s, who was also the owner of Oklahoma City-based bank and lender First Mortgage Company, pled guilty to five charges of bank fraud, money laundering, and misrepresentations to a banking institution. Over the course of three years, a federal grand jury in Oklahoma’s Western District suspected Ronald McCord of cheating mortgage companies Spirit Bank and Citizens State Bank, Fannie Mae, and others. McCord admitted guilt on May 11 to “out of trust” peddling upwards of $14.1 million in Spirit and … Read more