More than a decade in jail for 71-year-old mortgage fraudster

by Ryan Smith13 Jan 2014
A 71-year-old Ohio man has been sentenced to more than 11 years in prison for his part in a $1.3 million mortgage fraud scheme.

David R. Sharrock, of Mansfield, Ohio, had already pleaded no contest to 26 counts of bank fraud, conspiracy, making false statements, bankruptcy fraud, wire fraud and other charges, according to the Mansfield News Journal. In addition to the 11-year prison sentence, Sharrock was ordered to pay $767,000 in restitution.

Prosecutors say that Sharrock’s daughter, 51-year-old Rhonda McElroy, also participated in the scheme. She was sentenced to six months in prison and six months of home confinement.

Sharrock owned hundreds of rental units in Ohio, according to the News Journal. Prosecutors said that at least 35 of those properties were involved in the scam, in which Sharrock would submit fraudulent information to lenders. Sharrock also tried to hide properties through a trust fund in his wife’s name, according to the News Journal.

“This was a good result for the whole community,” said U.S. Assistant Attorney Kendra Klump. “The tangible impact is often limited to the financial institutions (through restitution). This sentence reflects the impact of the conduct on individual members of the community.”

Defense attorney Brian Halligan, meanwhile said the 11-year sentence was inappropriate for a man of Sharrock’s age.

“We think (the sentence) is out of line,” he told the News Journal. “We anticipated some jail time, but not to that extent.”


  • by Cheryl M | 1/13/2014 9:24:17 AM

    Defense attorney my $%. Had your client not "made false statements" his time frame may have been reduced. Duh! It's called cooperation, now they have time to think about that.

  • by Stan J | 1/13/2014 3:14:23 PM

    He should have been a banker. No jail time!


Is TILA-RESPA a good or bad thing long term?