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February 24, 2009
A 33-year-old Ohio man who pleaded guilty to mortgage fraud is asking for a lesser sentence in exchange for his assistance in prosecuting others who have committed related crimes.
Andrew Pfeifer was supposed to be sentenced last fall, but it was delayed due to a five-week recovery period after surgery. Pfeifer is facing up to 30 years in prison and up to a $1 million fine.
The IRS said he acquired $153,815 from a lender in an illegal mortgage scheme, which he subsequently neglected to add to his personal income on his 2005 tax return. Reportedly, Pfeifer did business through Averdan Funding; J.J. Holdings; Pfeifer, Pfeifer & Chill Inc.; and Overland Financial.
Prosecutors maintain that over a two-year period, Pfeifer, using investors, bought distressed properties and then resold them months later at extremely inflated prices with promises of a cash payment to investors at closing. He is also accused of using fraudulent documents and false appraisals.
Read story at Mansfield News Journal
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