Former Oklahoma Mortgage Co. President Indicted

Ronald J. McCord, the former president of First Mortgage Company of Oklahoma City, was indicted by a federal grand jury for bank fraud and money laundering as part of a scheme to defraud banks and pay for lavish homes for himself and his family, prosecutors announced. Ronald J. McCord McCord, 69, of Oklahoma City, allegedly defrauded two Oklahoma banks, Fannie Mae and others over a three-year period, said Timothy J. Downing, U.S. Attorney for the Western District of Oklahoma. According to the 24-count indictment, McCord defrauded Spirit Bank and Citizens State Bank – as well as their mortgage subsidiaries American Southwest Mortgage Corporation and American Southwest Mortgage Funding Corporation – by selling $14.1 million in mortgage loans and failing to…