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How does this work?
A former Las Vegas businessman has been sentenced to nearly 22 years in federal prison for masterminding a mortgage fraud scheme that cost financial institutions more than $24 million.
The Las Vegas Review-Journal reports ( http://bit.ly/KHJ3kV ) that Senior U.S. District Judge Roger Hunt on Friday also ordered Brett Depue of Gilbert, Ariz., to pay $1.6 million in restitution.
Depue was accused of conspiring to recruit straw buyers with good credit to buy about 100 homes with mortgage applications containing false information, then renting the properties before selling them at a profit.
Prosecutors say he acknowledged making as much as $13 million off the scheme through investment companies he operated from 2005 to 2007.
The 38-year-old Depue was found guilty by a jury in March of multiple conspiracy and wire fraud charges.
The Las Vegas Review-Journal reports ( http://bit.ly/KHJ3kV ) that Senior U.S. District Judge Roger Hunt on Friday also ordered Brett Depue of Gilbert, Ariz., to pay $1.6 million in restitution.
Depue was accused of conspiring to recruit straw buyers with good credit to buy about 100 homes with mortgage applications containing false information, then renting the properties before selling them at a profit.
Prosecutors say he acknowledged making as much as $13 million off the scheme through investment companies he operated from 2005 to 2007.
The 38-year-old Depue was found guilty by a jury in March of multiple conspiracy and wire fraud charges.
Guys admits to making $13 million from this scheme and only has to pay $1.6 million in restitution.
Yeah, he's sentenced to 22 years in prison. I bet it won't be nearly that long with early release. I'm sure there are quite a few people that would volunteer to spend a maximum of 22 years in prison for a $10+ million payday.
