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March 25, 2009
A straw buyer recruiter who also fraudulently obtained a house to live in for himself was sentenced to nine years in prison for his role in a mortgage fraud scheme involving multiple properties in North Carolina.
William McDowell, 30, was also ordered to pay $2.7 million in restitution to the lender victims. McDowell recruited straw buyers and paid them for participating fabricated information on fraudulent loan applications. He was found guilty on four counts of mortgage fraud conspiracy, mail fraud, and money laundering conspiracy.
Records showed that McDowell lived in one of the houses a straw buyer purchased. Three of his co-conspirators pleaded guilty and are cooperating with prosecutors.
Read story at The Charlotte Observer
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