Joseph Sterling, a licensed real estate agent form Woodstock, Ga., was sentenced Friday to 14 years in federal prison and ordered to pay $11.2 million in restitution for leading a mortgage fraud ring in metro Atlanta.
Jetton, 61, had been charged with conspiracy, bank fraud, wire fraud, and money laundering.
From late 2004 through early 2006, Jetton orchestrated a mortgage fraud scheme that involved millions of dollars in fraudulently inflated mortgage loans provided to unqualified straw borrowers. The straw borrowers were paid through shell companies, as much as $600,000 per property from the fraudulently obtained loan proceeds. Jetton wrote sales contracts that failed to disclose that the sales prices of the residences had been inflated and that hundreds of thousands of dollars out of the loan proceeds were going to the buyers and others.
Jetton took in more than a $1 million in commissions from the mortgage fraud scheme.
“Using his specialized knowledge of real estate and residential mortgage financing, he orchestrated a mortgage fraud scheme that has caused millions of dollars in losses to lenders and untold damage to neighborhoods,” said U.S. Attorney David E. Nahmias. “Nearly a dozen people have been sentenced to federal prison for their involvement in this defendant’s scheme. The long prison sentence handed down today accounts for his leadership role in the scheme and the misuse of his position as a real estate agent to commit the fraud.”
He was convicted by a jury in November 2007 after a three-week trial.
http://www.bizjournals.com/atlanta/stories/2008/10/06/daily82.html?f=et50&ana=e_duO hope there are THOUSANDS more stories like this! Make the BTD's suffer!!!!
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