Prison Time for Defrauding Lenders

A married couple were hit with $16.6M in restitution for defrauding lenders, the husband was sentenced to 7 years in federal prison and the wife to 1 year.

“Co-conspirators, such as Brenda East, 51, assisted these ‘straw borrowers’ with providing false information and documents, including bogus tax letters and false verifications of bank balances and employment, to induce lenders to fund residential home purchases.”

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