Mortgage Company President Sentenced

March 3, 2009


Distressed properties in Indianapolis, bought at low prices and sold with inflated values, set the stage for a $1 million mortgage fraud scheme that duped investors and lenders alike.

Frederic I. Bowles, 45, was sentenced to 27 months in prison after pleading guilty to wire fraud and money laundering. Bowles bought and sold 18 properties with more than $1.14 million in loans he fraudulently obtained. Prosecutors said he made an estimated $800,000 from the scheme.

Three years supervised release after prison was tacked onto Bowles sentence and he was also ordered to pay almost $167,000 in restitution.

Read story at Indy Star