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'via Blog this'Mortgage fraud – A mother and daughter in Arizona have been co
nvicted of federal criminal charges involving mortgage fraud. Susan Levy, 70, a Tucson real estate agent, and her daughter, Risa Levy, 44, had pleaded guilty to wire fraud and making false statements in applications for a mortgage loan insured by the Department of Housing and Urban Development. Susan Levy said in a plea agreement that she made false statements to qualify for loans on two Tucson properties, which both ended up in foreclosure. She also said she submitted a false pay stub in a third loan application to make it appear that her daughter had a job when she was unemployed. Her daughter acknowledged that she signed a false statement that said she was employed and earning more than $2,300 a month when she was not employed. Susan Levy was sentenced Tuesday to eight months in prison and ordered to pay more than $700,000 in restitution. Risa Levy was sentenced to three years of probation and ordered to pay more than $83,000 of restitution.
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