More charges filed in fraud case

Woody Hayes Sr., accused of committing a multi-million dollar fraud on an order of Catholic sisters in Shreveport in order to support a high-flying lifestyle, is now being held without bond after federal prosecutors added more charges.

Hayes was about to make bond when prosecutors filed a complaint alleging mail fraud and conspiracy.

During Hayes' initial appearance on Monday, prosecutors asked that bond be denied, saying they believe Hayes is a flight risk.

Details of the new allegations and the alleged victim were filed on Friday and have been sealed pending a hearing on June 24. It will be referred to the federal grand jury, First Assistant U.S. Attorney Bill Flanagan said.

Hayes, 51, of Haughton was indicted last month on charges he conned the Daughters of the Cross out of $3.6 million in a scheme that began with a sob story to a trusting sister that he needed money to keep from being evicted from his home.

He has pleaded not guilty to federal wire fraud and money laundering charges.

The indictment alleges Hayes used money he got from the order to gamble, remodel his house and buy luxury vehicles.

The name of the sister, who was the order's treasurer, has not been made public but investigators say she was an unwitting part of the alleged scheme and that Hayes preyed on her compassion and trusting nature. She believed the order would be repaid with interest, federal prosecutors said.

A civil suit filed by the Daughters of the Cross against Bank One alleges a checking account for the order was set up so that the signatures of two sisters were required before funds could be withdrawn. But 140 cash withdrawals -- one as large as $95,000 and many in the tens of thousands of dollars -- were made by one sister between February and November 2004, according to the suit.

Bank One has refused comment on the lawsuit. An employee at the bank eventually alerted the Daughters of the Cross, who went to police.

The order and their lawyer have declined comment on the case and why they did not discover the alleged fraud sooner.

The Daughters of the Cross have been in Shreveport for more than 100 years. The order operated St. Vincent's Academy until it closed in 1988.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.