Mortgage Loan Officers Sentenced For Scam Involving Albertville, Otsego Properties
Two Chisago City men were sentenced to five years in federal prison for mortgage fraud and ordered to pay more than $4.8 million in restitution.
Two mortgage loan officers who carried out a scheme involving loans on homes in Albertville, Otsego, Elk River and other cities were sentenced to five years in federal prison Monday. Chad Arthur Anderson, 39, and Troy Allen Huston, 43, both of Chisago City, were sentenced on one count of conspiracy to commit mortgage fraud through the use of interstate wires. Anderson was sentenced to five years, and Huston, just under five years — 57 months. They were also ordered to pay more than $4.8 million in restitution. The loan officers admitted in their guilty plea that they recruited straw buyers, mainly relatives and friends, to purchase properties at inflated prices and then distributed the excess loan money among themselves, the straw buyers…
In this Article:
Happy in St. Michael
10:11 pm on Monday, February 4, 2013
Were the straw buyers aware of the scheme in any way because I haven't read about any other indictments? It says that they paid their friends and family from the loan funds, so shouldn't they be held accountable for their actions, too? more ›