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23 Banks and 1 Investment Firm Swindled

February 6, 2009

Four of five men who pleaded guilty to their participation in a $2.6 mortgage fraud scheme that duped 23 lenders and one investment firm have been sentenced. Sentences range from one year to three and a half years and millions in restitution for charges of conspiracy and money laundering.

  • Donald Green, 49 was sentenced to three years in prison and five years supervised release, and ordered to pay $1.3 million in restitution to Stillwater Capital Partners and 23 banks.
  • George Jordan, 51, was sentenced to 366 days in prison, three years supervised release and 416 hours of community service along with $1.18 million in restitution to Netherlands-based ABN Amro.
  • Aryeh Schottenstein, 35, of Oak Park, Mich. was sentenced to 42 months in prison, 416 hours of community service, three years supervised release and restitution of $3.74 million to lender victims.
  • Jeffrey Lieberman, 58, was sentenced to 16 months in prison, three years supervised release, and restitution of $400,000 to Stillwater.

Jonathon Boyd was convicted last November and awaits sentencing.

The fraud schemes involved duping investors and using dilapidated houses in distressed Columbus, Ohio neighborhoods, falsely inflating appraisals and then selling them to straw buyers who also used false information to obtain mortgage loans.

Read stories at BizJournals and Columbus Dispatch

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