Monday, December 8, 2008
Oregon Loan Officer Sentenced To 5 Years For Mortgage Fraud Scheme
Marty Ray Folwick, 50, of Portland, Oregon, was sentenced to more than 5 years in prison for his role in a mortgage fraud scheme that cost lenders more than $800,000 and involved over 70 property transactions. Folwick, who worked for Lighthouse Financial of Vancouver, Oregon, set up "straw buyers" and falsified loan documents in order to get lenders to fund fraudulent mortgages. He plead guilty to four felony counts in October, including one count of bank fraud, two counts of wire fraud, and one count of money laundering. Folwick allegedly received a $25,000 kickback on one transaction, according to prosecutors.