MTSU nursing professor convicted of bank, wire fraud on The Murfreesboro Post

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MTSU nursing professor convicted of bank, wire fraud

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By: MICHELLE WILLARD, Post Staff Writer

Posted: Tuesday, April 14, 2009 3:37 pm

MTSU nursing professor convicted of bank, wire fraud | MTSU, Crime

Holder

An MTSU nursing professor was convicted in federal court Monday for mortgage fraud.

Pam Holder and her deceased husband Fred “Fat Man” Holder were indicted last year on two counts of wire fraud and two counts of bank fraud in connection with the sale of their Sumner County home.

“Mortgage fraud is a crime that has many victims – the defrauded straw buyer who loses his money or good credit; the banks that suffer significant losses; and members of the public who indirectly pay for the abuses of the lending process,” said U.S. Attorney Ed Yarbrough. “As such, it’s gratifying to see a jury hold another mortgage-fraud defendant accountable for her criminal actions.”

Holder was convicted on all four counts in a jury trial. She faces up to up to 30 years of imprisonment for each of the two counts of bank fraud, 20 years of imprisonment for each of the two counts of wire fraud and forfeiture of real and personal property derived from the scheme to defraud. She will be sentenced July 10.

Holder has been a professor at MTSU since 1999. She served as the director of the School of Nursing from 1999-2003. She also served as director of TBR’s Regent Online Degree Program’s nursing curriculum.

“It’s my understanding that she is tenured and on a 9-month contract that ends in May doing administrative work. … I believe that MTSU is reviewing their options under applicable policies,” said Mary Morgan, director of Communications for TBR.

The indictment charged Holder and her husband of engaging in a mortgage fraud scheme, where they used a “straw buyer” to purchase a home in Hendersonville.

A straw buyer is a person who uses or allows their credit to be used for the purchase of a property they never intend to use or control.

The Holders submitted a mortgage application under false pretenses and overstated the straw buyer’s income and assets. They also falsely claimed the home would be the straw buyer’s primary residence.

The straw buyer secured $2.4 million in loans for the $1.5 million home.

“After the purchase of the lavish home, Dr. Holder and her husband occupied the property and spent the excess loan funds on various purchases, including several pieces of expensive jewelry,” the U.S. Justice Department said in a press release. “When the straw buyer was unable to make the approximately $10,000 monthly mortgage payments, the mortgage defaulted and the property was foreclosed upon.”

The investigation of the case was conducted by the Federal Bureau of Investigation.
Assistant U.S. Attorney Ty E. Howard of the Middle District of Tennessee and Trial Attorney Peter A. Frandsen of the U.S. Department of Justice Fraud Section represented the United States.

Michelle Willard can be contacted at 615-869-0816 or mwillard@murfreesboropost.com.

Tagged under Crime, MTSU

Member Opinions:

By: cmac on 4/14/09
So, once again, MTSU enters the realm of crime. The biggest and best university in the state of Tennessee. So, when does it end? Let us begin at the top and go down.

By: imbatman on 4/14/09
Really cmac? You expect the President of the University to know that this was going on? This has nothing to do with MTSU, this person just happened to work there. Great job FBI.