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March 23, 2009
A former mortgage broker may have been given a harsher sentence for her role in a mortgage fraud scheme because she facilitated the scam by sharing her knowledge of what needed to be done to get loans secured.
Diane B. Flannery, 48, pleaded guilty to falsifying documents in order to obtain government-backed mortgage financing for 10 unqualified home buyers. She was sentenced to five months in federal prison and three years probation.
Her co-conspirator, David C. Paul, 50, owner of D.C.P. Investment Properties in Reading, Penn., was sentenced to a year of house arrest. Paul sought mortgages for buyers through HUD. Six of the 10 mortgages have defaulted. Paul’s attorney reportedly said Flannery’s sentence was tougher because she was telling Paul what to do. Paul also cooperated with the FBI and wore a recording device.
Both were ordered to pay more than $58,000 in restitution.
Read story at
Reading Eagle
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