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Highland couple facing new charges in multimillion dollar scam

By Jim Dalrymple - Daily Herald - | Feb 3, 2012

SALT LAKE CITY — A Highland couple accused of running a multimillion dollar mortgage scam was hit with new charges on Wednesday, and a third defendant was added to the case.

According to charging documents, Portia Louder, 40, is now charged with five counts of making false statements to financial institutions, eight counts of wire fraud, three counts of money laundering and one count of conspiracy. Louder’s husband, 42-year-old Chad Louder, is charged with four counts of making false statements to financial institutions, four counts of wire fraud, three counts of money laundering and one count of conspiracy.

The documents also reveal that Portia’s brother Dustin Wilcox, 35, has been added to the case. Wilcox faces one count of making false statements to financial institutions, two counts of wire fraud, two counts of money laundering and one count of conspiracy.

Portia originally faced seven charges and Chad originally faced two charges related to the alleged scam. The charges were the result of an investigation that focused on three homes. However, a new federal indictment returned Wednesday adds four more properties, which more than doubled the couple’s charges, and also implicates Wilcox.

According to a U.S. Justice Department news release, the trio targeted homes in Alpine, Highland and Draper. The scam allegedly functioned by using straw buyers to artificially inflate home prices reported to lenders. Sellers were told they would be getting one price, the news release states, but the actual closing prices of the homes were considerably higher.

Portia also is accused of commissioning appraisals of homes that cost far more than they should have. A previous news release characterized the crimes as the type of activity that contributed to the collapse of the housing market.

The indictment seeks $3.9 million from Portia, $2.45 million from Chad and $2.16 from Wilcox. Each of the three defendants also could spend decades in jail. According to the news release, the maximum penalty for making false statements is 30 years in prison. The maximum sentence for wire fraud is 20 years in prison, and both conspiracy and money laundering carry 10-year maximum prison sentences.