Mesa man pleads guilty in mortgage fraud scheme
November 12, 2009
Total Loss:
$1 million
A mortgage broker pleaded guilty to six counts of bank fraud on Monday and could face up to 180 years in prison or a $6 million fine; possibly both. Jeffrey Todd Crandall, 33, of Mesa, is on trial after he defrauded banks of thousands of dollars in a complicated mortgage fraud scheme that he began in 2005. According to authorities, Crandall bought several pieces of real estate in the Queen Creek area and placed them in the name of his brother-in-law. Crandall then inflated the prices of the properties by hundreds of thousands of dollars and persuaded friends to buy them.
Source:
ABC15
Posted in:
Internal Fraud