Key Figure In $112M Metro Atlanta Straw Buyer Flipping Scam Gets Seven Years

In Atlanta. Georgia, the Atlanta Business Chronicle reports:

• Leslie Rector, co-leader of a $112 million mortgage fraud scheme in metro Atlanta, has been sent to prison for seven years. [The sentencing judge] also ordered Rector, 35, of Atlanta, to pay $40.2 million in restitution for being part of a massive mortgage fraud scheme that targeted the metro housing and condo market from 2000 through part of 2003. Rector was convicted in March 2007 on charges of conspiracy, loan fraud, mail and wire fraud, and money laundering. Rector was Phillip Hill's right-hand-man when it came to running Hill's many corporations and orchestrating the massive mortgage fraud scheme that targeted the Atlanta area from 2000 through 2003. In September 2007, Hill was sentenced to 28 years in jail for the mortgage fraud scheme.

For more, see Rector heads to jail for role in largest area mortgage fraud case.