Lawyer pleads guilty to fraud
By Staff Reports
Published in News on June 24, 2010 1:46 PM
RALEIGH -- The United States Attorney's Office announced this week that William Orander III, 40, of Goldsboro pleaded guilty in federal court to committing mail, wire and bank fraud.
Orander, who already had his law license revoked by the North Carolina State Bar, could face up to 30 years in prison and a $1 million fine.
He is expected to be sentenced Oct. 4.
He pleaded guilty before District Judge James C. Dever III on Tuesday morning.
Orander, who acted as the closing attorney for numerous real estate transactions, devised and participated in a fraudulent scheme that occurred between April 2004 and January 2008. Investigators said he was able to deceive banks into funding home and land transactions at premium refinancing terms. This allowed buyers to purchase a home and leave the closing table with the title to the property and as much as 20 percent over the purchase price in cash.
The transactions were handled through Southern Bank and New Century Bank, neither of which was aware the statements were fraudulent.
Orander allegedly executed the scheme by creating two sets of HUD-1 documents and conducting two real estate closings instead of one. The first closing appeared as a cash transaction between the seller and a buyer. Another closing was simultaneously conducted whereby the bank issued a loan to the buyer under the auspices of a refinance, causing the banks to finance original purchases at as much as 20 percent over the purchase price of the property.
The former attorney also participated directly in the scheme by being a party to numerous transactions through his closely held real estate holding companies named Goldtower Properties, LLC; Abbey Road Investments, Inc.; and Ladder 39, LLC.
The case was investigated and prosecuted by the U.S. Attorney's office, the FBI and SBI.
Orander will be able to apply for reinstatement in five years, according to a bar spokesman.