In the wire fraud trial of Dean Counce, Bank of American Field Services employees estimated about 30 percent of the reports completed in 2007 and 2008 were fabricated. That percentage increased to 50 to 60 percent in 2009 when Counce won a new contract with Bank of America. Bank of America paid the company about $23.5 million over the course of five years. The court ordered Dean Counce to pay back $12.7 million over a period of 5,322 years. Bank of America lost money on that contract for field services.
Counce’s company was required to visit a property, complete a report, take photographs and send the information to the lender. Initially, Counce performed inspections himself. As his company grew, employees were hired to carry out the inspections. As the number of foreclosures skyrocketed, the employees were not able to keep up with the volume of inspection requests. Counce’s staff began fabricating reports.
According to investigators, Counce directed inspectors to visit the property and take more photographs than necessary. The photos were then used for subsequent reports. In other cases, Counce allegedly told workers to use information from public websites to fabricate reports for properties that were never inspected.
More than HALF of all of the Dean Counce reports submitted to Bank of America Field Services over a five-year period were fraudulent.
Someone at Bank of America must have egg on their face. I am sure that they are probably still employed at the bank in some capacity.