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Couple Sentenced to Decades in Prison
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May 6, 2009
A husband and wife accused of taking advantage of Spanish-speaking borrowers in a multimillion-dollar mortgage fraud scheme were sentenced to two decades in prison.
Esperanza Valverde, 41 and her husband Herman Covarrubias, 41, ran Summit Mortgage One of Milpitas, Calif. when they allegedly secured mortgage loans for borrowers who did not qualify. The pair was convicted in October of defrauding five banks involving 22 subprime loans that contained false information and phony documents.
All five banks are now out of business; BNC Mortgage, Argent Mortgage, World Savings, WMC Mortgage and Downey Savings.
Valverde was sentenced to 23 years and 8 months, and Covarrubias was sentenced to 19 years and 8 months; both were ordered to pay more than $900,000 in restitution to their victims.
Read story at Mercury News
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