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Mortgage Fraud Sentence Sticks
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December 31, 2008
A convicted real estate agent will spend seven years in prison despite an appeal citing that his sentence was excessive and his conduct not illegal.
Brandon L. Baum, a sales associate of Century 21 and Northwest Realty, was one of 11 people prosecuted last year in a case involving subprime lending and defrauding lenders in Colorado. Baum was convicted of six counts of wire fraud and seven counts of money laundering. In addition to the seven-year sentence, Baum was also ordered to pay over $500,000 in restitution.
Baum and co-conspirators arranged for borrowers to provide false information in order to qualify for mortgage loans at inflated prices. They also “loaned” borrowers the down payment.
Read story at The News OK
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