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270 Properties Used in Fraud
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March 2, 2009
Two of six people accused of running a $15 million mortgage fraud scheme that involved 270 properties have been sentenced . One man will spend two years in prison and the other was sentenced to one year house arrest followed by five years probation.
Gregory D. Mascaro was sentenced to two years in prison and ordered to pay $62,361 in restitution for his role in a builder kickback scheme. Gregory D. Rankin, a former real estate agent, pleaded guilty to his participation in the scheme and will spend a year on house arrested followed by probation.
Prosecutors said the defendants lied about buyers' income, provided false bank statements and tax returns and paid bribes to businesses for bogus verification of employment. They also paid off real estate agents, investors and straw buyers who loaned their names and credit.
Others named in the scheme include mortgage brokers Jules Springs who pleaded guilty and Michael Pahutski, who pleaded not guilty but later said he wanted to plead guilty. Victoria Sprouse, a Charlotte real estate lawyer and Michael Gee, a real estate broker, have pleaded not guilty. Their trial is set for March.
Read story at Charlotte Observer
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