Prison sentence for two men involved in mortgage fraud

Two men involved in a mortgage scam have been given a prison sentence of 70 months and five years supervised released. The two men are only just a small part of a much larger scam, in all the operation which saw other men steal up to $2.3 million from local banks; it is thought that the two men only scammed about $1000, but it is a strong message to others thinking of defrauding banks.

According to Star Tribune, the two men involved were scamming banks from 2000 to 2004, where they used the mail system in order to submit loan applications, and inflated their financial details, as well as forged signatures and false employment data. It looks as though courts are doing their bit to battle this mortgage fraud, Loan officer and supervisor Christopher Horton was sentenced early this month to 24 months in prison.