Atlanta Mortgage Scammer Gets 9+ Years In Federal Pen

The Atlanta Business Chronicle reports:

• "The ringleader of $4 million mortgage fraud scheme in Atlanta is heading to prison for nine years and seven months, and must pay $2.5 million in restitution. Nathan Parker, 49, of Philadelphia, was sentenced [last] Friday ... on charges of conspiracy to commit mortgage fraud and mail fraud. Parker was indicted in October 2005, and pleaded guilty to the charges in April 2007. Parker, a mortgage broker, led a scheme to defraud commercial lenders and financial institutions of more than $4 million relating to more than 20 properties. A number of people participated in the scheme, including real estate appraisers, closing attorneys, straw purchasers, straw sellers, investors, loan processors, and insiders at various verifying agencies and lenders."

For more, see Mortgage fraud leader sentenced to jail.