Posts
'via Blog this'
LAS VEGAS — A former mortgage broker and his ex-wife have drawn prison sentences after being found guilty in a Las Vegas fraud scheme that caused more than $52 million in losses to banks.
A federal judge sentenced Steven Grimm to 25 years in prison and his former wife, Eve Mazzarella, to 14 years in prison, the Las Vegas Review-Journal reported (http://bit.ly/GNPwHZ ) Friday.
A co-defendant, Melissa Beecroft, was sentenced to three years in prison.
Senior U.S. District Court Judge Roger Hunt ordered all three defendants to pay about $2.3 in restitution.
Authorities said Grimm and Mazzarella purchased properties under the names of "straw buyers," then sold them to other straw buyers at inflated prices.
Prosecutors said the five-year conspiracy caused lending institutions to make $107 million worth of mortgage loans on 227 properties. Almost all of those properties are in default.
No comments:
Post a Comment