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Three Flippers Challenge Verdict
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February 24, 2009
Three people convicted of mortgage fraud crimes in Mississippi are appealing before the 5th U.S. Circuit Court of Appeals next month.
Richard Lucas, Kimberly Castle and Kenneth Stalnaker were the only three of 13 defendants in the mortgage fraud case who chose a jury trial; they were convicted on Nov. 15, 2007. Ten other defendants pleaded guilty.
Prosecutors claimed the defendants solicited straw buyers to apply for mortgage loans on properties that had inflated sales prices and then they pocketed the proceeds.
Lucas, the alleged ringleader, was sentenced to 14 years in prison with five years probation and participation in the prison bureau's drug treatment program. He was also ordered to pay restitution of more than $1.3 million to the lenders who were defrauded.
Castle, an attorney who handled the closings, was sentenced to two concurrent 48-month terms in jail, followed by five years probation and restitution of $1.3 million.
Read story at Laurel Leader Call
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