Role In Closing Bogus Straw Buyer Transactions, Including Fraudulent Short Sales Involving Purchasers, Sellers Working Together To Retain Control Of Property While Hoodwinking Bankster Into Approving Deals Lands Attorney 14-Month Stay In Prison

In Stamford, Connecticut, the Stamford Advocate reports:

• A federal judge sentenced Christopher Brecciano, a 37-year-old Stamford resident, to 14 months in prison for knowingly closing mortgage transactions for “straw buyers” who hoodwinked lenders into lending money for other people to use purchasing properties in Stamford, Bridgeport and Norwalk that subsequently ended up in foreclosure.
  
  U.S. District Judge Janet Hall ordered Brecciano to pay $8.4 million in restitution to lenders.
  
  Between 2006 and 2010, Brecciano and others made false statements on mortgage applications that included the verification of purported down payments, according to the office of U.S. Attorney Deirdre Daley. Brecciano was also was involved in short sales in which he knew a buyer and seller were working together to retain control of the property, while representing to the lender that the sales were arms’ length transactions.

Source: Stamford attorney sentenced in $8m mortgage fraud.

For the U.S Attorney (District of Connecticut) press release, see Stamford Attorney Sentenced to Prison for Role in Mortgage Fraud Scheme.