Real Estate Professional submitted a mortgage loan application to a federally insured financial institution.
He willfully overstated his income, understated his liabilities and falsely denied he had declared bankruptcy within the previous seven years.
After a 3-day trial, jury found debtor guilty.
Sentence of 2 years in federal prison was imposed and ordered to pay $960,020 in restitution for making false statements in a mortgage loan application to a federally insured financial institution.
Court also entered a money judgment in the amount of $1,475,950, the proceeds of the fraud.
Fraud and false statements are unacceptable – when you come to the U.S. Government for help for a Fresh Start; you could be finished and end up in prison instead – if you lie.