American Greed Season 3 Episode 17 The Bonnie and Clyde of Mortgage Fraud

In season 3, episode 17 of American Greed titled "The Bonnie and Clyde of Mortgage Fraud," viewers get a glimpse into the lives of pair of criminals Theodore "Ted" Parker III and Romy Nehme. The duo gained notoriety in the early 2000s for their elaborate mortgage fraud schemes, which earned them millions of dollars.

The episode begins by introducing viewers to Parker and Nehme, who are depicted as a glamorous couple living large in Miami, Florida. However, as the story unfolds, viewers learn that this lifestyle is financed by illegal means.

Parker, a former lawyer, and Nehme, a former banker, first crossed paths while working at the same mortgage company. They quickly realized that they could make a fortune by falsifying mortgage documents and pocketing the resulting commissions. Parker would recruit buyers who had no intention of living in the homes they purchased while Nehme would create false loan applications and paperwork.

Their scheme quickly took off, and soon Parker and Nehme were purchasing homes at inflated prices and then reselling them to straw buyers, who were often undocumented immigrants looking to establish credit in the U.S. The duo would then take out multiple mortgages on the same property, using the false documents they had created, and pocket the extra money.

As the web of deceit grew, Parker and Nehme became bolder in their tactics. They began to target vulnerable seniors, convincing them to take out reverse mortgages on their homes, which they would then sell to straw buyers. Not only did these seniors lose their homes, but they were also left with large debts that they could not repay.

Over the years, Parker and Nehme became known as the "Bonnie and Clyde" of mortgage fraud, and their operation continued to expand. They purchased luxury homes, yachts, and cars and traveled the world in style. They even became involved in a high-profile political scandal, where they were accused of laundering money for a mayoral candidate in Miami.

However, their luck eventually ran out when a whistleblower came forward, exposing their illegal activities to authorities. A lengthy investigation led to their eventual arrests, and they were both sentenced to lengthy prison terms.

The episode concludes by reflecting on the devastating impact that Parker and Nehme's actions had on their victims. Many lost their homes and savings, and some were left with ruined credit and financial ruin. The "Bonnie and Clyde" of mortgage fraud may have lived a life of luxury, but their criminal enterprise caused untold pain and suffering to many innocent people.