Oscar Ancrum Runs From Bank Fraud Charges

The FBI says Oscar Ancrum and his three accomplices -- Sharmon Howell, David Moore, and June Persaud -- are behind a sub-prime mortage scheme that has left their victims with more than $10 million in total debt. So far, the FBI has arrested all of the accused, except the elusive Ancrum.

From 2006 to 2007, Ancrum and his team allegedly recruited "straw buyers" to purchase homes in the New York City area under their names. However, these buyers were purposefully picked out because what they were offering would be too hard to resist: the FBI says the defendants found their buyers from a halfway house, who had just been released from prison, and were trying to make their way back into society. 

They were told if they purchased the homes under their name that they'd be saving families from going into foreclosure and in return, they'd receive $10,000.

Victims Take The Brunt Of The Deal

Once Ancrum and his men had fully convinced his victims of their plan, they took full advantage of their situation. 

Authorities say Ancrum and his team then promised the buyers that they would resell the home within six months to a year and that they wouldn't have to worry about paying the mortgage in the meantime.

The FBI says this couldn't be further from the truth.

Instead, Ancrum and his accomplices obtained fraudulent appraisals and took away all of the equity on the home. Each home is now either in default or foreclosure and it is left up to the powerless buyers to pay the banks back.

Authorities are asking the public's help to find Ancrum. They say he has family in South Carolina and may have fled to the area. He goes by several different aliases but he can't hide the scar on his cheek and lip.