Wichitan draws 6 years in prison in mortgage fraud scheme
08/11/2014 3:33 PM
08/13/2014 12:34 PM
A Wichita man was sentenced Monday to six years in federal prison after admitting he led a scheme involving fraudulent mortgage loans that resulted in losses totaling nearly a half million dollars.
Majur Alam, 47, had pleaded guilty to one count of conspiracy to commit wire and bank fraud, according to U.S. Attorney Barry Grissom. He was also ordered by the court to pay more than $250,000 in restitution.
Alam led co-conspirators in a scheme that included using false statements on loan applications to Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development, Grissom said.
Some of the fraudulent filings included verification of rent for buyers who didn’t exist. In other incidents, the names of fake buyers were used in submitting a letter of credit.
Alam and the co-conspirators falsely stated in all the loan applications that the homes would be their primary residences.
U.S. District Judge Monti Belot determined the total loss in the scheme was $485,000. Alam’s six co-defendants also were ordered to pay restitution – ranging from $15,000 to $60,300 – and to serve prison time.
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