Nine Sentenced in Alaska's Largest Mortgage Fraud Investigation
August 25, 2009
Total Loss:
$2.5 million
United States Attorney Karen L. Loeffler announced that on August 21, 2009, lead defendant Lance Lockard was sentenced to 70 months in prison for his leadership of a largescale mortgage fraud scheme. Lockard was the ninth and last defendant to be sentenced for his role in the largest mortgage fraud investigation in Alaska's history. In total, nine individuals and one corporate defendant were convicted and sentenced for their roles in a widespread, three-year long scheme to defraud some 13 mortage lenders and banks in 57 different loan transactions netting over $1,700,000 in profits and over $2.5 million in losses to the financial institutions.
Source:
KTVA
Posted in:
Internal Fraud