LAS VEGAS (AP) — A former Las Vegas businessman has been sentenced to nearly 22 years in federal prison for masterminding a mortgage fraud scheme that cost financial institutions more than $24 million.
The Las Vegas Review-Journal reports (http://bit.ly/KHJ3kV ) that Senior U.S. District Judge Roger Hunt on Friday also ordered Brett Depue of Gilbert, Ariz., to pay $1.6 million in restitution.
Depue was accused of conspiring to recruit straw buyers with good credit to buy about 100 homes with mortgage applications containing false information, then renting the properties before selling them at a profit.
Prosecutors say he acknowledged making as much as $13 million off the scheme through investment companies he operated from 2005 to 2007.
The 38-year-old Depue was found guilty by a jury in March of multiple conspiracy and wire fraud charges.
- Historic solar flight marks first...
- Judge set to decide on $15B Volkswagen...
- Former Oregon lumber town rides digital wave...
- US home prices rise at steady pace as sales...
- Stocks waver as investors monitor company...
- US stocks rise, helped by jump in Apple shares
- Fiat Chrysler raises outlook as Q2 profits...
- 4 ways to get the best wardrobe on a budget
- Provo, Orem residents take bus rapid... 10
- How to recognize the signs of a scam... 5
- Utah communities are working to stop... 5
- Jennifer Napier-Pearce named editor of... 5
- Judge sends Jeremy Johnson to prison... 4
- Deseret News, KSL want court records in... 3
- Historic solar flight marks first... 1
- Michelle Singletary: Tying the knot... 1