RICHMOND, Va. (WRIC) — A Detroit man was sentenced to six years in prison for fraudulently conspiring to obtain over $650,000 in advance fees from borrowers seeking real estate loans, some of whom were located in Virginia.
According to the documents, 49-year-old Roscoe Copeland was the founder and CEO of Alexis Realty Solutions LLC (ARS), a Michigan-based company which purported to be an alternative funding source for prospective borrowers seeking loans for real estate purchases.
His co-conspirator, Dawnn Long acted as ARS’ chief operating officer.
The pair allegedly claimed that their company was a private lender with no “middleman,” and that the company had access to specialized bond funding at discounted rates.
The company catered to customers who had poor credit ratings or were otherwise unable to qualify for a loan from retail banks or other traditional funding sources, according to the Department of Justice.
“ARS offered unrealistically competitive interest rates to their customers, including as low as 1% for a traditional 30-year fixed mortgage,” said Jessica D. Aber, U.S. Attorney for the Eastern District of Virginia.