Lubbock home used in fraud case - KCBD NewsChannel 11 Lubbock

3/17/10

Lubbock home used in fraud case

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LUBBOCK, TX (KCBD) - At least one Lubbock property was used as part a $20 million bank fraud case.

A federal grand jury in East Texas indicted Florida resident John Barry and 39 other people. The indictment says Barry conspired with brokers and straw buyers to falsify the value of various properties on bank loans.

The indictment lists a house in the 9400 block of Wayne Avenue. According to the Lubbock Central Appraisal District Barry's company owns four more houses in Lubbock but the other four are not listed in the indictment.

Most of the homes listed by court records are in McKinney while others are listed in various places across Texas. Court records say Barry made $10 million in illegal profits while various banks suffered losses in excess of $20 million.

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