A 35-year-old Texas man has been sentenced to serve more than nine years in prison after being convicted of mortgage fraud. Authorities accused the man of submitting falsified loan applications and sharing the resulting proceeds with three associates. He is said to have at one time collected up to $800,000 from an approved loan. The man pleaded guilty to wire fraud affecting a financial institution in January.
In addition to serving prison time, the man has also been ordered to provide more than $5 million in restitution to the affected parties; lenders claim that the fraud cost them more than $3 million. The man's wire fraud conviction was paired with an earlier conviction for involvement in a foreclosure scam, which likely contributed to the severity of his sentence.