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April 10, 2009
A 29-year-old former loan officer has been sentenced to serve three and a half years in federal prison after being caught in an FBI sting operation. The buyers agreed to let him fraudulently inflate a homes sales value by $2 million, all the while they were cooperating with the FBI.
Andrew John Smith, of Cleveland, was a part-time loan officer who also secured his personal mortgage loan by fraudulent means. He then was recruited by an unnamed co-conspirator to participate in a scheme that sold properties to unqualified straw buyers using homes that were foreclosed. Smith tried to get a $3.2 million purchase money mortgage loan for the home that he had doubled the value of from $2 million to $4 million.
Smith was sentenced to three years, six months in prison followed by five years of supervised release.
Read story at Gainesville Times
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