Minnesota Homebuilders Sentenced In Straw Buyer Scam / Bogus Rent To Own Deals; May Be Biggest Fraud In State History

In Minneapolis, Minnesota, the Pioneer Press reports:

• They were high school sweethearts who grew up to be two of the most well-regarded homebuilders in the metro area, then watched their company crumble amid their own fraud and illegal borrowing.

• Michael and Ardith Parish, the architects of what is presumed to be the largest case of mortgage fraud in Minnesota history, were sentenced Thursday in U.S. District Court in Minneapolis. Michael Parish, 63, received 13 years in federal prison or a work camp; his wife, Ardith, 62, received five years.

• Their son-in-law, Christopher Troup, 40, was sentenced to 10 years for playing a lead role in the massive housing scheme, which the courts believe involved 240 homes now in various stages of foreclosure. Investigators believe $100 million in lending changed hands, causing $20 million to $50 million in losses.

For more, see Eagan couple, son-in-law sentenced in state's largest mortgage fraud.

See also, Minneapolis Star Tribune: Principal in Parish fraud gets 13-year prison term (The judge rejected pleas for leniency in the case of mortgage fraud and money laundering. Co-defendants got five and 10 years).

Go here for earlier posts on Eagan, Minnesota homebuilder Parish Marketing and Development.