Former reverse mortgage loan officer faces fraud charges

A former senior loan officer at reverse mortgage lender World Alliance Financial Corp. in Troy faces charges of wire fraud and theft of trade secrets, in a federal indictment unsealed Monday at U.S. District Court in Detroit.

Bruce Jarrad, 37, of Royal Oak, is accused of taking customer leads and related data on prospective borrowers for reverse mortgages, shortly before he left his job in 2008 at the Melville, N.Y.-based lender’s offices along Big Beaver Road.

The U.S. Attorney’s Office in Detroit brought the charges after an FBI investigation into allegations he stole the customer data for personal use.

If convicted, Jarrad could face a maximum prison sentence of 20 years on the wire fraud charge and up to 10 years for the theft of trade secrets charge, plus fines of up to $250,000 and court-order restitution.

World Alliance Financial, formerly known as Vertical Lend Inc., has more than 120 employees in Troy and met the first of its benchmarks last year for tax incentives approved in early 2007 by the Michigan Economic Growth Authority.

Also in 2008, the company surrendered a previous mortgage broker license and sought new licensing, after the Massachusetts Division of Banks brought allegations of deceptive business practices and use of unlicensed loan brokers in that state.

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