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CHARLOTTE, N.C. -- Six people who speculated in real estate in Charlotte s Dilworth neighborhood have agreed to pay fines of up to $85,000 to resolve claims that they lied on mortgage applications, the U.S. Attorney s Office in the Western District of North Carolina announced Thursday.

The group, which included three mortgage brokers and a real estate agent, allegedly took out loans from a number of banks between 2005 and 2008 to buy homes in Dilworth as investments. On their mortgage applications, the six put false financial information including income, debt and assets, the U.S. Attorney s Office said.

Essentially, members of the group went in together on loan applications but didn t disclose all of the property they owned in the area and what they owed on it, prosecutors alleged in court documents.

The six also indicated that the homes would be their primary residence, in order to take out what s known as a non-recourse loan, the office said. In those mortgages, banks cannot go after the homeowner s other assets to pay off a balance after foreclosure.

Their mortgages generally ranged from $775,000 to $890,000. Had they given correct information, the group would have had to take out a commercial loan with a higher down payment and higher interest rate, the U.S. Attorney s Office said.

Kyle Frey, Adam Goulet, Roger Sterling Moore, William S. Nunemaker, Tyler P. Nunemaker and Daniel Brewton will pay fines ranging from $5,000 to $85,000 to resolve the claims. They ll also pay back money they made on the deals.

Attorneys for the five of the men could not be reached.

Aaron Lay, an attorney with Hamilton Moon Stephens Steele & Martin in Charlotte, is representing Brewton. He said his client was not admitting guilt. Lay said the settlement was an economic decision based on the cost of fighting the case.

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