A California woman, who was convicted on charges of mortgage fraud earlier this year, has now been sentenced to 57 months in prison.
The woman will spend 57 months in federal prison, after she was convicted by a jury earlier this year on charges of constancy to commit wire fraud and bank fraud. Those charges are related to a role in the mortgage fraud scheme that was conducted in Nevada. The woman was an accountant in the mortgage loan industry. According to prosecutors, many mortgage fraud schemes are perpetrated by people employed in the mortgage loan industry. According to the US Attorney for Nevada, these persons are especially situated to gain the experience and skills necessary to commit mortgage fraud.
According to the documents against her, both the woman and her codefendants fraudulently obtained mortgage loans from banks and financial institutions by submitting fraudulent information. They conducted the fraud between November 2006 and November 2007. They submitted false applications on behalf of buyers who were applying for mortgage loans, and the applications contained false data about assets and income. At least three homes in the Las Vegas area were bought using these fraudulent application forms during 2006 and 2007. The buyers were not able to pay off the mortgages, and defaulted on the loans. Lenders suffered more than $1 million in losses as a result.
Over the past few years, the number of mortgage fraud prosecutions has simply exploded in Arizona and across the country. That is linked to an increase in the number of foreclosures in and around Arizona, and the burst of the real estate bubble. Mortgage frauds are typically federal crimes prosecuted in federal court. Federal crimes are serious crimes with tough penalties attached. If you have been accused of a federal crime, speak with an experienced Arizona criminal defense attorney to learn how you can protect your rights.