A former mortgage broker has pleaded not guilty to charges that she defrauded First Coweta Bank of $1.7 million and spent most of the money on herself.
The bank was forced to shut down as a result, authorities contend.
Amy B. Williams, 48, of Buford was the sole owner of United International Mortgage, UIM, a business that arranged construction loans for residential builders, U.S. Attorney Sally Quillian Yates said.
According to prosecutors, UIM received three loans in April 2007 from First Coweta Bank, worth around $572,000 each, for William’s customer, Mainstreet Builders.
The loans were intended to be used to finance the cost of construction for three homes being build in Suwanee.
Williams was supposed to hold the money in a trust and disperse it to the builders as the projects progressed, according to the indictment.
Instead, Williams allegedly used $1.1 million to pay off personal debts to another bank and wired $60,000 to her personal bank account. The rest of the money was used to pay off pre-existing mortgages on the properties, according to the indictment.
The indictment also claims that Williams attempted to cover up her crime by emailing false documents and photos to the bank.
“The actions of Ms. Williams, as alleged in the indictment, directly led to the failure of the First Coweta Bank and, as such, clearly demonstrates the serious nature and impact of those actions,” said Mark F. Giuliano, FBI special agent in charge.
Williams was indicted Tuesday on six counts of bank fraud. She is also facing one count of conspiracy for allegedly directing an unindicted co-conspirator to forge signatures on documents that were sent to First Coweta Bank, Yates said.
Williams is out on $5,000 bond.
She pleaded innocent to the charges on Thursday.
Contacted Friday, her attorney, Sanford Wallack, said: “We deny the charges, and we look forward to getting the case resolved in court.”
About the Author
