Attorney General Bill McCollum News Release
December 21, 2007
Media Contact: Jenn Meale
Phone: (850) 245-0150
en EspañolPrint Icon Print Version

Racketeering Charges Filed Against Mortgage Company, Local Law Firm

~ Elaborate scheme to defraud included fraudulent application documents, fictitious bank statements ~


TALLAHASSEE, FL - Attorney General Bill McCollum and Office of Financial Regulation Commissioner Don Saxon today announced that criminal charges of racketeering, conspiracy to commit racketeering and grand theft were filed against a mortgage brokerage business and a law firm, both formerly located in Leon County, as well as three employees of the brokerage business and the firm. Belinda Dearing Mortgage and law firm Stephen C. Willis, P.A., were named in the charging document as well as Belinda Dearing Willis, Terinda Denise Watson and Clifford Lee Cummings. The case will be prosecuted by the Attorney General’s Office of Statewide Prosecution. The Department of Financial Services’ Office of Fiscal Integrity assisted with the arrests.

“As the mortgage market crisis continues, it is imperative that we work aggressively to combat mortgage-related fraud and protect our citizens,” said Attorney General McCollum.

Authorities with the Office of Financial Regulation’s Bureau of Investigations determined that Belinda Dearing Mortgage worked with various mobile home dealers to obtain financing for purchasers. The company often obtained financing for individuals with poor credit histories through the use of a variety of fraudulent documents including false reports of the value of the mobile homes and lots and the creditworthiness of the purchasers. The co-conspirators also used altered or fictitious employment and income verifications and bank statements for the purchasers to make it appear that the purchasers earned more and had more money available to contribute to the down payments, closing costs, or monthly payments. Additionally, investigators determined that from 2003 through early 2004, the perpetrators fraudulently obtained nearly $900,000 in loans from a financial institution.

The law firm of Stephen C. Willis, P.A., also known as the Willis Law Firm, participated in the fraud by deceptively reporting the amount of down payments and closing costs and by giving misinformation about how the lender’s loan proceeds were distributed when closing the transactions and preparing the settlement statements for the U.S. Department of Housing and Urban Development. Stephen Willis is married to Belinda Dearing Willis, the owner of Belinda Dearing Mortgage. Watson is a licensed mortgage broker employed by Belinda Dearing Mortgage; Cummings is an employee of the law firm.

“I commend the Office of Statewide Prosecution for their commitment to the prosecution of this matter.” said Commissioner Don Saxon.

The case was filed in the Leon County Circuit Court. Bond was set for Belinda Dearing Willis at $50,000, for Terinda Denise Watson at $65,000, and Clifford Lee Cummings at $90,000. If convicted of all charges, all three individual defendants could face up to 30 years in prison and could be fined up to three times the dollar amount of their gain or three times the dollar amount of losses to the victims. Restitution could also be ordered by the court.

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