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Tough Sentence Could Lead to Life for Mom
March 24, 2009
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A 52-year-old wife and mother has been sentenced to 99 years in prison for her role in a mortgage fraud scheme that cost taxpayers more than $3 million. The harsh sentence is more than 10 times the sentence Enron's Chief Financial Officer Andrew Fastow received for his role in the infamous company's multibillion-dollar scandal.
A Navarro County jury found Kandace Yancy Marriott guilty of engaging in organized criminal activity. Marriott and her husband Darrell L. Marriott,54, their daughter Kally Marriott, and Kandace Marriott's sister, Karen Hayes, were indicted in a complex mortgage fraud scheme that involved forging home buyer's signatures, falsified supporting documents for loan applications and inaccurately completed loan applications.
Kandace Marriott and her husband owned One Way Home & Land. The couple is accused of spearheading the fraud scheme and stealing mortgage payments from their clients, which were primarily low-income purchasers whose loans were guaranteed by the U.S. Department of Housing and Urban Development. As the payments stopped on the mortgages, the loans began to default, leaving HUD to cover default costs, estimated at over $3 million.
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mug shot of
Kandace Yancy Marriott
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After an investigation of the aforementioned began in 2005, the defendants opened another firm in Kaufman County under the name of Torenia. Now, additional charges are being brought against the four defendants for their alleged criminal actions at the Torenia company.
Read story at NTXE News
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