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Englewood Man Indicted Over Greeley Foreclosures

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(credit: iStock)

(credit: iStock)

GREELEY, Colo. (AP) — A Weld County grand jury has indicted an Englewood man on theft and forgery charges related to an alleged mortgage scheme.

Prosecutors say the alleged scam overinflated the prices of homes in a Greeley subdivision between 2006 and 2008, contributing to dozens of foreclosures and defrauded lenders.

The indictment accuses Kawika Morelli of causing federal mortgage documents to be falsely completed, making false statements in closing documents and agreeing to give kickbacks to buyers based on inflated appraisals of the homes. He was arrested Thursday in the Las Vegas area.

Two others also have been charged. Russell Dunlap of West Grove, Pa., is accused of racketeering. He has pleaded not guilty to 15 counts.

Forty-two-year-old Timothy Davis of Lacey, Wash., has pleaded guilty to a theft charge.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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