Cleveland Area Builder & Straw Buyer Sentenced In Fraud Scheme Involving 38 Houses & $15M+ In Fraudulently Obtained Loans

In Cleveland, Ohio, WKYC-TV Channel 3 reports:

• Two people were sentenced to prison Tuesday in connection with what prosecutors describe as a mortgage fraud scheme in upscale Cleveland suburbs. Builder and developer, Edward Emery received a sentence totaling 34 months and a fine of $10,000. Emery admitted that he would nearly finish half million dollar homes, then set up an arrangement where people would get paid for work that was never done. Eloise Anderson will spend nearly a year in prison. Prosecutors say she signed a loan application with fraudulent information. She's been ordered to pay $35,000 in restitution. Prosecutors say the mortgage fraud scheme totaled $15,115,440 and involved 38 houses in Solon and Glenwillow. Twenty-seven of the homes went into foreclosure.

For more, see Two sentenced in connection with mortgage fraud case.

Go here to view WKYC-TV video report.

Go here for earlier posts on this case.