Dozen Defendants Sentenced In Hattiesburg Flipping Scam
The remaining seven defendants (out of a dozen) implicated in a property flipping operation were sentenced in a Hattiesburg, Mississippi Federal Court for their roles in the scheme.
Richard Lucas, the ringleader of the scheme, was sentenced to 14 years in jail. Lucas must also make more than $1.3 million in restitution to Countrywide Home Loans and other companies defrauded in the scheme and will serve five years of probation after his release.
Closing attorney Kimberly Castle was sentenced to two concurrent 48-month jail terms followed by a concurrent three- and five-year probation. Castle must also make more than $1.3 million in restitution to Countrywide Home Loans and other companies defrauded in the scheme.
Ken Stalnaker was sentenced to 28 months in prison and must make $938,767 in restitution to companies defrauded in the scheme. Stalnaker will also be subject to five years of probation.
Lucas, Castle, and Stalnaker did not plead guilty to the charges; rather, they went to trial and were found guilty by a jury. Lawyers for the three say they plan to appeal the guilty verdicts.
In addition:
Kenneth Fairley Jr. was ordered to make restitution of $97,055.17 to Countrywide Mortgage, and sentenced to six months of house arrest and five years of probation for his role in the mortgage flipping case.
Loretta Champ was sentenced to nine months incarceration and three years of probation, and must make $152,089.29 in restitution to Countrywide Mortgage and $21,612.60 to another company defrauded in the scheme.
Michael Cox was sentenced to three years of probation, nine months of house arrest and must pay more than $91,000 to companies defrauded in the scheme.
Jacqueline Mosley was sentenced to three years probation, six months of house arrest and to pay restitution.
The remaining defendants, who agreed to plead guilty to charges of conspiracy to commit wire fraud in lieu of going to a trial, waived the right to appeal.
Five other defendants, who all agreed to plead guilty in lieu of going to trial, were sentenced about three weeks ago for their participation in the scam. Their sentences ranged from 60 months probation to 19 months in prison. In addition, they were each ordered to pay restitution to Countrywide Mortgage in an amount totaling almost $1.7 million.
For the whole story on the latest developments on the final seven defendants to be sentenced, see:
.
Richard Lucas, the ringleader of the scheme, was sentenced to 14 years in jail. Lucas must also make more than $1.3 million in restitution to Countrywide Home Loans and other companies defrauded in the scheme and will serve five years of probation after his release.
Closing attorney Kimberly Castle was sentenced to two concurrent 48-month jail terms followed by a concurrent three- and five-year probation. Castle must also make more than $1.3 million in restitution to Countrywide Home Loans and other companies defrauded in the scheme.
Ken Stalnaker was sentenced to 28 months in prison and must make $938,767 in restitution to companies defrauded in the scheme. Stalnaker will also be subject to five years of probation.
Lucas, Castle, and Stalnaker did not plead guilty to the charges; rather, they went to trial and were found guilty by a jury. Lawyers for the three say they plan to appeal the guilty verdicts.
In addition:
Kenneth Fairley Jr. was ordered to make restitution of $97,055.17 to Countrywide Mortgage, and sentenced to six months of house arrest and five years of probation for his role in the mortgage flipping case.
Loretta Champ was sentenced to nine months incarceration and three years of probation, and must make $152,089.29 in restitution to Countrywide Mortgage and $21,612.60 to another company defrauded in the scheme.
Michael Cox was sentenced to three years of probation, nine months of house arrest and must pay more than $91,000 to companies defrauded in the scheme.
Jacqueline Mosley was sentenced to three years probation, six months of house arrest and to pay restitution.
The remaining defendants, who agreed to plead guilty to charges of conspiracy to commit wire fraud in lieu of going to a trial, waived the right to appeal.
Five other defendants, who all agreed to plead guilty in lieu of going to trial, were sentenced about three weeks ago for their participation in the scam. Their sentences ranged from 60 months probation to 19 months in prison. In addition, they were each ordered to pay restitution to Countrywide Mortgage in an amount totaling almost $1.7 million.
For the whole story on the latest developments on the final seven defendants to be sentenced, see:
- 7 sentenced in mortgage flipping scheme (Hattiesburg American)
- Judge throws book at fraud schemers (WDAM-TV Channel 7; Laurel/Hattiesburg, MS)
.
posted by Home Equity Theft Reporter at 9:27 AM
<< Home