A Las Vegas-area homebuilder has been sentenced to 14 years in prison and ordered to pay $4.4 million in restitution for creating a mortgage fraud scheme that provided large cash incentives to buyers, real estate agents and others to sell homes at inflated prices. Prosecutors said lenders lost more than $18 million after most of the 85 homes sold from March 2007 to mid-2009 went into foreclosure.
Paul Wagner, 59, was convicted by a jury in October of one count of conspiracy to commit bank fraud and wire fraud, six counts of bank fraud and three counts of wire fraud, and sentenced this week by U.S. District Judge Miranda M. Du. Source: fbi.gov.
