South Philly Mortgage Broker Gets 12+ Years In Mortgage Fraud Scam Involving Borrowed, Stolen IDs, 180 Properties In Or Near Foreclosure

In Philadelphia, Pennsylvania, The Philadelphia Inquirer reports:

• A South Philadelphia mortgage broker charged with a murder-for-hire plot was sentenced yesterday to more than 12 years in federal prison for a separate mortgage-fraud scheme. Mahn Huu "Bruce" Doan, 40, was sentenced [...] to 151 months in prison and was ordered to pay more than $5 million in restitution.

• Doan oversaw 195 fraudulent real estate transactions involving about 180 properties, financed with government-insured loans he obtained by using borrowed or fictitious identities, prosecutors wrote in a sentencing memorandum. "On almost every single property, the mortgage loan is in or about to be in foreclosure," prosecutors wrote. "Net losses - to the government on government-insured loans, and to various banks, on the conventional loans - could total more than $6 million."

For more, see Mahn Huu Doan sentenced to 151 months for fraud.