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(Source: fox13memphis.com) MEMPHIS, Tenn. - A local real estate investor has pled guilty to a charge of bank fraud, according to the Department of Justice.

In September of 2016, Thomas L. Boyd, 44, was indicted by a federal grand jury in connection with a scheme to fraudulently obtain mortgage loans.

The indictment alleged Boyd, the owner of Wonderful Properties, LLC gave false statements and documents to Regions Bank, First Tennessee Bank, Bank of America and Oak Tree Funding.

Boyd made false statements on the loan closing documents by failing to disclose to the lenders on HUD-1 settlement statements, according to the indictment.

The scheme reportedly caused the lenders to disburse approximately $635,000 in loan proceeds.

According to court records, Boyd admitted to making false statements to Regions Bank in connection with a mortgage loan being made to an individual who was financing the purchase of...