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Hiring Professor Delays Sentencing
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March 11, 2009
A pair who pleaded guilty to $35 million in mortgage fraud had their sentencing postponed while a university professor analyzes the housing market to assess actual losses to the victims if the market not tanked.
Attorneys for Joh Helgason and Tom Balko argue that their clients' sentences shouldn't be based on actual losses because the men could not have foreseen a collapse in the market and that losses in a stable or appreciative market would have been minimal.
Sentences for Balko and Helgason range from eight to 10 years and eight to more than 12 years, respectively. They were co-owners of TJ Waconia in Minneapolis and pleaded guilty to running a three-year scheme involving straw buyers and 162 properties.
Find out more at The Star Tribune
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