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December 31, 2008
At the time of the fraud, a loan officer worked at three different Dayton, Ohio mortgage companies and had a hand in 365 loans deemed as fraudulent. He has been sentenced to 20 months in federal prison.
Timothy Pearson, 37, pleaded guilty to one count of conspiracy to commit money laundering and two counts of income tax evasion. Over a four-year period, Pearson worked as a loan officer for City Fed Mortgage Co.; Tri County Mortgage, both in Beavercreek, Ohio; and Montgomery Mortgage in Centerville, Ohio.
Authorities said he prepared and submitted fraudulent mortgage loan applications and also provided illegal down payments for purchasers at the closings. In return, he had collected $919,000 for his fraudulent services. Eight other co-conspirators fraudulently obtained over $13 million in personal gain.
Read story at Dayton Daily News
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