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Three Sentences and One Appeal
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February 17, 2009
A third man has been sentenced after pleading guilty to a mortgage fraud scheme that involved providing false information to secure $300,000 in financing from a California lender.
William R. Nichols of Edmond, Okla. was sentenced to two years in federal prison and two years of supervised release after fraudulently inflating the purchase price of a home he owned so the buyer could get cash back at closing.
The home buyer, Timothy J. McDaniel, then secured a loan using false information to qualify. He also pleaded guilty and was sentenced to six months in prison, two years supervised release and fined over $57,000.
The sales agent in the transaction, Brandon L. Baum, has been convicted on several charges involving mortgage fraud from 2003 to 2005. Baum was sentenced to seven years and three months in prison, followed by three years of supervised release and ordered to pay over $500,000 in restitution.
Baum appealed the verdict, claiming that what he did was legal and that his sentence was excessive. The 10th U.S. Circuit Court of Appeals in Denver disagreed, however, and rejected his arguments.
Read story at The Oklahoman News
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