Phil Hill Gets 28 Years In Metro Atlanta Straw Buyer, Flipping Scam

The Atlanta Journal Constitution reports:

• On Friday, a federal judge in Atlanta sentenced [Phillip E.] Hill to 28 years in prison and ordered him to pay more than $41 million in restitution for running a conspiracy that involved loan officers and real estate appraisers and racked up $112 million in fraudulent loans, of which Hill himself pocketed a cool $14 million, said prosecutors. The sentencing came six months after a jury found Hill and nine others guilty of the scam. They used "straw purchasers" to obtain loans on properties where corrupt appraisers had inflated their values, a fraudulent transaction known as a "flip." The "straw purchasers" were then paid in kickbacks out of proceeds from the excess loans. Prosecutors said the scheme involved the sale of more than 50 homes and 250 condominiums in eight Atlanta-area condo complexes.

For more, see Broker sentenced to 28 years for mortgage fraud in Atlanta.

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