Reverse Mortgage Originator Pleads Guilty to Wire Fraud and Data Theft

Crains Business Detroit is reporting that Bruce Jarrard, a former reverse mortgage loan officer at World Alliance Financial Corp. could face up to a maximum 20 years in prison and $250,000 in fines after pleading guilty to wire fraud in alleged data theft from the company. 

According to Crains, Jarrard allegedly collected prospective reverse mortgage borrowers information before he left his job in 2008.  Federal officials alleged that World Alliance Financial’s data were “trade secrets,” and Jarrard took them for his personal financial benefit.

“When a corporate insider steals critical trade secrets from his company – a company which has entrusted him with an important position – then all citizens are at risk,” said Terrence Berg, United States Attorney, at the indictment in March.  “In today’s global economy where competition is fierce, corporations cannot afford to lose trade secrets because an unfaithful worker decides to steal its valuable property.” 

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Jarrard faced the wire fraud charge and one count of theft of trade secrets under an indictment filed in March before U.S. District Judge. He awaits sentencing Nov. 2

World Alliance Financial Corp. loan officer pleads guilty to wire fraud, data theft

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  • So here's a story about a former employee who left and took company property with him for personal gain. That's theft, people. Don't do it.

  • Wire Fraud is wrong. But I wonder if a loan officer changed companies and took details from IBIS about his propsect base, leads that he developed, is that considered data theft? All the lenders have pretty much gone to web based programs and the fact that they can turn off your log in and deny you access to your prospects makes me feel uneasy

  • Warren – maybe an attorney here can give you an accurate answer, but if you paid for the leads or otherwise developed them on your own, and you are paid on a commission-only basis, you likely own them. If the company is supplying the leads to you, regardless of your pay structure, it's pretty clear that the company owns them and taking them is very unethical and illegal. I'm glad to see the results of this case.

  • After being a former employee of a reverse mortgage originating company, an assigned company lead, in which I had previously made contact, calls you for information about a reverse mortgage plan which I had discussed with the prospect. The homeowner now wishes to apply for a reverse mortgage; so, would it be legally permissible for me to process that application with my new company?

  • Worked there, heard the guy hacked in with a managers account and stole leads. Not as bad as what the ceo was up to in my opinion. Made all his Lo's put deals through a title co that his family owned which gouged the hell out of the clients ( as in 900 dollar land surveys and other such nonsense.

  • Worked there, heard the guy hacked in with a managers account and stole leads. Not as bad as what the ceo was up to in my opinion. Made all his Lo’s put deals through a title co that his family owned which gouged the hell out of the clients ( as in 900 dollar land surveys and other such nonsense.

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