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Mortgage Fraud Sentencing
GAINESVILLE, Ga. (AP) A former mortgage loan officer has been sentenced to three and a half years in federal prison for taking part in a fraud scheme.
U.S. District Judge William C. O'Kelley of Gainesville also ordered 29-year-old Andrew John Smith of Cleveland, Ga., Thursday to pay an undecided restitution. Smith pleaded guilty Jan. 9 to conspiracy to commit bank, wire and mail fraud.
Prosecutors say as a part-time loan officer for United International Mortgage in Buford, Smith originated a fraudulent loan for his own residence and later participated in financing homes sold to unqualified straw borrowers at inflated prices.
They say in a sting operation, Smith agreed to inflate the price of a property in Pendergrass from $2 million to $4 million.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
U.S. District Judge William C. O'Kelley of Gainesville also ordered 29-year-old Andrew John Smith of Cleveland, Ga., Thursday to pay an undecided restitution. Smith pleaded guilty Jan. 9 to conspiracy to commit bank, wire and mail fraud.
Prosecutors say as a part-time loan officer for United International Mortgage in Buford, Smith originated a fraudulent loan for his own residence and later participated in financing homes sold to unqualified straw borrowers at inflated prices.
They say in a sting operation, Smith agreed to inflate the price of a property in Pendergrass from $2 million to $4 million.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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