Posted by Barry (GA) on November 06, 2009 at 09:21:26:
Mortgage scheme results in 7-year prison sentence
A Jacksonville man was sentenced Thursday to seven years in federal prison in a multimillion-dollar scheme inflating home values to cash in on higher mortgage amounts.
The judge also ordered $6.3 million in forfeiture, the amount Juan Carlos Gonzalez, 51, pocketed in fraud in 2004 and 2005, according to the U.S. Attorney's Office.
Gonzalez and a co-conspirator inflated property values of 55 properties so buyers would obtain mortgages exceeding the home's purchase price. They would then get back the difference by calling it an assignment fee or second mortgage payoff.
Gonzalez also submitted fraudulent financial documents, including altered bank statement and payroll records, to get the loans approved.
Scott Butler @ jacksonville dot com
- Re: Mortgage scheme sentence Twinrick 08:46:50 11/11/09 (0)