‘Pink Collar Crimes’: Jamila Davis Scammed Millions in Bank Fraud

Pink Collar Crimes featured Jamila Davis, in Season 1 Episode 4 of the CBS episode titled “The She Wolf of Wall Street”. Jamila was an entrepreneur whose drive to succeed took her too far. The CBS show profiled the businesswoman and single mom to two children. She figured out a criminal way to balance work with her anti-average nine-to-five mom lifestyle. But Davis slid down the slippery slope of financial fraud.

On Pink Collar Crimes, Jamila Davis describes her childhood while growing up.  She hails from Queens, New York, and grew up with hard working middle-class parents. Her mother was a school teacher and her father was a New York transit authority supervisor.  She says she was raised “with very good values.”

Jamila Davis – Smart, Talented and Ambitious

Jamila Davis did well in school and was a talented dancer.  Her talent lead to her acceptance into the prestigious High School of Performing Arts in Manhattan.

Her downfall began when she dated a drug dealer. Jamila says she was drawn in to the lifestyle. After her boyfriend dumped her she began dealing drugs and was very successful.

In 1997 Jamila Davis used her success as a drug dealer to buy a Lexus GS-300.  She bought that specific car because the neighborhood rapper made good, Jay-Z, drove the same car. When her neighbors saw the car she was driving they asked for her help in obtaining loans to buy cars.

Pink Collar Crimes’ Jamila Davis and credit-score hacking

Jamila left the drug trade and began a legitimate business, New Beginnings, helping people obtain auto loans.

The new business woman became frustrated when clients started getting denied loans. Jamila Davis was respected in her neighborhood. She wanted to make her clients happy. She grew angry over rejected loans due to bad credit scores. Davis had a big reputation to uphold.

On Pink Collar Crimes, Jamila Davis claims an auto broker helped helped her meet a hacker. Not just any hacker – this hacker could hack into all three credit bureaus. She claims credit scores shot up from 400 to 800 within minutes. “I knew it was wrong, I knew I shouldn’t do it,” Davis admitted. However many credit industry experts believe Jamila was using other fraudulent tactics to get her client’s loans.  There are no known instances of hackers accessing all three credit bureaus and her court records for that case are sealed.

Jamila risked her business, reputation, and kids. “I wanted people to view me in a way that I really wasn’t,”

Jamila Davis – Her first arrest

As soon as her client’s began defaulting on their auto loans, the banks caught wind of the scheme.  Jamila Davis was arrested.  She cut a plea deal and received a slap on the wrist.  She received five-years probation and no jail time. Her attorney was also able to to get her court records sealed in the plea agreement.

Getting her former clients to voluntarily return their cars to the banks helped Jamila avoid prison.

Auto Loan Fraud turns to Mortgage Fraud

Jamila Davis’ father owned investment real estate. He helped her buy her first piece of real estate in Brooklyn. Jamila was on her way to owning a legitimate real estate investment company.

In 2008 she started Diamond Star Financial. It was a model similar to her automobile venture. Instead of helping people get into cars, she wanted to help them get into houses. She zeroed in on Alpine, New Jersey, which has multi-million dollar homes.  When one of her deals fell through, Jamila decided to buy the multi-million dollar home herself.  The only problem was, Jamila Davis didn’t have the income to qualify for the mortgage.

To purchase the home, Jamila found a “straw buyer”.  Someone who never intended to live in the home and was used in name only.  She forged payroll statements and tax documents to make it look like this person had the income to afford the home.  The bank approved the mortgage.

Once Jamila Davis discovered she could forge documents, she began buying more houses. She would inflate the purchase price of the house by millions of dollars by creating fake sales contracts and appraisals.

What Pink Collar Crimes didn’t show

Federal Court documents obtained by Soap Dirt, show Jamila took a house selling for 1.8 million dollars and led the bank to believe her straw buyer was purchasing the home for 3.5 million dollars.  In other words, she was taking out a mortgage for almost 2 million dollars more than the amount needed to purchase the home.  This left almost two million dollars she kept and shared with her partners in crime.

Court documents also show the straw buyers did not have the income to afford the home.  One straw buyer, was a bartender and made about $16,000 per year.  Yet the forged W2s submitted to the bank showed his income at $500,000 per year.  This same straw buyer also had overdrawn bank accounts. Yet the forged bank statements given to the mortgage company showed his bank account balance as 1.2 million dollars.

In the end, Jamila Davis took out $29 million dollars in mortgages.  As she defaulted on the mortgages, Lehman Brothers bank figured out the scam. The prosecution painted Jamila as the mastermind. The FBI was confident there was enough evidence to prove a pink collar crime. The jury returned a guilty verdict after two hours of deliberation.

Because of her prior conviction for a similar crime, Jamila Davis was sentenced to 12.5 years for mortgage fraud.

What is Pink Collar Crimes’s Jamila Davis doing now?

Jamila Davis spent nine-years in Federal prison. She now speaks to younger women about her crimes. Jamila was an “invisible” woman in prison, as she says about her sentence.

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