Irving Fryar, a former Philadelphia Eagles wide receiver and Robbinsville High School varsity football coach, has been indicted by a state grand jury on charges of conspiracy in theft for a mortgage fraud scam. Fryar, and his 72 year old mother Allene McGhee, allegedly conspired to steal more than $690,000 after McGhee obtained five home equity loans on her Willingboro residence in a six day period during 2009. Both made only a few payments on four of the loans before those banks eventually wrote the loans off as losses.
Fryar and McGhee deceived banks by applying for and closing the loans within a short period of time and purposefully failing to disclose the existence of any prior loans. As a result,” each bank funded its loan in the belief that it held the first lien on the property and the loan would be secured by adequate equity.”
The indictment also says that Fryar and his mother provided false wage information on the loan applications submitted by McGhee, claiming that she earned thousands of dollars a month as an event coordinator for Fryar’s church.
Fryar allegedly received or spent over $200,000 of the fraudulently obtained loan proceeds according to Attorney General John H. Hoffman.
Irving Fryar and Allene McGhee will not be arrested, but will receive a summons to appear before a superior court judge in Burling County for an arraignment. The date for the hearing has not been set at this time.