Tucson Man Gets Two Years In Prison In $13M Straw Buyer Mortgage Scam Involving 23 Fraudulently Obtained Home Loans

In Tucson, Arizona, the Tucson Citizen reports:

• A Tucson man was sentenced Monday to two years in prison, three years on probation and must pay more than $1 million in fines after he pleaded guilty to a $13 million mortgage scam. [...] Padilla and another Tucson man, Carlos Bent, were indicted on 59 charges including conspiracy, wire fraud and engaging in illegal monetary transactions in amounts greater than $10,000. Padilla pleaded guilty to conspiracy to commit wire fraud. Bent, who pleaded guilty to the same charge, will be sentenced Aug. 11.

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• The men [targeted and] told [...] homeowners [whose properties had gone unsold on the market for months] that the properties were worth more than their listed prices and they would sell them for more and pocket the difference, according to the indictment. The men paid outsiders to pose as buyers and got 23 mortgage loans by providing false information. Minimal or no payments on the mortgages were made and the properties became at risk of foreclosure.

For the story, see Tucson man sentenced to federal prison in mortgage scam.

See also, The Associated Press: Mortgage scam nets man prison sentence, probation, $1M fine.