Friday, November 28, 2008

Connecticut Mortgage Broker Pleads Guilty To Mortgage Fraud

Fred Stevens, 52, of Easton, Connecticut and a mortgage broker in Westport, Connecticut, pleaded guilty Tuesday to charges of mortgage fraud. According to the criminal complaint, Stevens, working with real estate developers, appraisers, bankers, attorneys and others, defrauded IndyMac Bank by submitting false mortgage applications resulting in losses of more than $1 million to the bank. The fraud took place between April 2006 and September 2007, according to prosecutors. Sentencing is scheduled for February 13, 2009. Stevens faces up to 30 years in prison, plus a fine of up to $2 million and restitution.

Read the story here, here and here.

Read the DOJ announcement here.

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