(Updates with prosecutor’s statement in second paragraph.)
Feb. 17 (Bloomberg) -- Four defendants were found guilty at trial for their part in a mortgage-fraud scheme led by former Dallas Cowboys football player Eugene Lockhart, who pleaded guilty last year.
William Randolph Tisdale Jr., 46, who together with Lockhart, 50, ran the scheme, was found guilty of conspiracy to commit wire fraud and of bank fraud, according to a statement yesterday from the office of U.S. Attorney Sarah R. Saldana in Dallas. Three others were also found guilty of conspiracy, and two of them of fraud.
Ten defendants have been convicted, including six who pleaded guilty, in a scheme whereby Lockhart and Tisdale set up real estate ventures with names derived from the National Football League team, such as Cowboys Realty, and used straw buyers to obtain inflated loans for distressed and pre- foreclosure homes in the Dallas area, according to prosecutors.
They got about $20.5 million in fraudulent loans, prosecutors said. Lockhart faces as long as 10 years prison under the terms of his plea agreement, prosecutors said. Tisdale faces as long as 30 years on the bank fraud conviction and 20 years for the conspiracy count, according to the statement.
Phillip Gregory, Tisdale’s lawyer, said in a phone interview that he will pursue an appeal.
“We’re disappointed in the outcome of the trial,” the lawyer said. “We disagree with the jury.”
The case is U.S. v. Lockhart, 09-CR-00247, U.S. District Court, Northern District of Texas (Dallas).
--Editors: Andrew Dunn, Stephen Farr
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