Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts
Saturday, May 26, 2012
Thursday, May 10, 2012
Friday, June 3, 2011
Two local men get prison over $10M mortgage fraud
HOUSTON -- Two Houston men convicted in a $10 million mortgage fraud scam involving fake companies will be going to prison. A federal judge in Houston has sentenced 40-year-old Adrian Levale Cole to nine years and 47-year-old Albert Terrance Watkins to more than 12 years behind bars. Both also must pay restitution, with the amounts to be determined later this year. Cole pleaded guilty last year to wire fraud and false representation of Social Security numbers. Investigators say Watkins acted as a recruiter with Cole to buy residential properties through fraudulent mortgage loans. Watkins a year ago pleaded guilty to conspiracy to commit wire fraud.
Prosecutors say the scam, going back to 2005, involved inflated property values, bogus Social Security numbers and improper lines of credit.
Cole and Watkins were sentenced Wednesday.
(Copyright ©2011 by The Associated Press. All Rights Reserved.) Get more Local »local
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