Houston-Area Couple Charged for Condominium Loan Scam
The verdict came back with seven years and a $16 million reparation for a Houston-area man for his condominium loan scam. His wife must pay $322,000 and was sentenced to a year and a day in prison. The scam was based upon defrauding residential lenders. The couple recruited individuals to apply for loans with false documentation. They then submitted invoices for payment and split the money with the borrowers.
Source: Associated Press, "Man must repay more than $16M for Houston condo loan fraud," Nov. 27, 2012
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