Another one bites the dust.

http://www.charlotteobserver.com/business/story/1149913.html

A Charlotte real estate agent has agreed to plead guilty in a mortgage fraud conspiracy, operating what prosecutors call a “builder kickback” scheme in Mecklenburg County.

Brandon Foley, an owner of Smart Choice Realty, served as an agent for deals in which a builder “agreed to pay hidden kickbacks to buyers and promoters who recruited buyers,” according to court documents filed Monday. He was involved in the fraud ring for more than two years, starting about September 2005, documents say.

Foley, charged with one count of mortgage fraud conspiracy, faces up to five years in prison and a maximum fine of $250,000. He declined to comment this afternoon, saying his attorney advised him not to discuss his case.

His company Web site says he's a Charlotte native who attended Independence High School and East Carolina University. He lists his motto as “Make it fun.”

The conspiracy generally involved an unidentified builder that had “numerous houses that were not selling at the desired price,” according to court papers. To stimulate sales, “Builder A” agreed to pay kickbacks, which were not listed on closing documents.

As the real estate agent, Foley “facilitated the hidden kickbacks,” the documents say.

Prosecutors say Foley's case is not related to the “Waxhouse Investigation,” a mortgage fraud case in which 12 people have agreed to plead guilty since last year.

However, there are similarities, based on filings in the cases. For example, in both, participants lied to get mortgages, including misrepresenting buyers' income, place of employment and intent to occupy the house as a primary residence.

In the Foley case, conspirators also used false identification, such as fake Social Security numbers, the filing says.