Jacksonville Mortgage Broker Awarded Seven Years In Federal Pen In Cash Back Mortgage Fraud Scam Involving Inflated Sale Prices & Appraisals

The U.S. Attorney's Office, Middle District of Florida, announces:

• [Last week], U.S. District Judge Henry Lee Adams, Jr., sentenced Justin D. Barker, 31, of Jacksonville to seven years' imprisonment for his participation in a mortgage fraud scheme. After his release from prison, Barker will be on supervised release for five years. Barker entered a plea of guilty to conspiracy to commit wire and bank fraud on September 24, 2007. At his sentencing, Barker was ordered to pay restitution in the amount of $2,353,339.91 and to forfeit $4,419,024.15, jointly and severally with other conspirators.

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• During the course of the scheme, fraudulent loans totaling about $17.7 million were obtained on more than 40 properties. These loans would not have been approved but for the fraud. Barker received approximately $4.4 million in gross proceeds from the fraudulent transactions. To recover some of these illicit proceeds, the government seized from Barker a 2004 Bentley Continental, a 2007 Cadillac Escalade, a 2002 BMW 745Li, a 2005 Chaparral 330 Signature 36' boat, a 1997 19' Wellcraft boat, a 2006 Yamaha motorcycle, a 2001 Yamaha motorcycle, a 2-carat loose diamond, a 1-carat diamond necklace, a .5-carat diamond necklace, diamond stud earrings, and two Movado watches.

For more, see Jacksonville Man Sentenced To Seven Years For Mortgage Fraud Scheme.