Mortgage Fraud Leads to 8.5 Year Sentence
White collar crime often takes years to investigate, and sometimes even longer to propagate, but when the sentence comes down it often leads to serious consequences. In San Diego, a woman who allegedly masterminded a nine-figure mortgage fraud scheme was sentenced to over 8 years in federal prison. Mary Armstrong was convicted and sentenced after a $100 million mortgage scam was discovered, and she was also ordered to pay more than $500,000 to the victims in restitution.
Armstrong is a 52 year old Las Vegas native who was one of six people who pleaded guilty to a variety of crimes including conspiracy to commit wire fraud and money laundering. Her former boyfriend assisted in the scam, William Fountain, and was sentenced to 3.5 years in prison for his part in this white collar scheme. Federal prosecutors said that Armstrong headed a scheme which involved recruiting straw buyers from homes, then arranging $100 million in home mortgage loans that inflated prices. Roughly $15 million went into the pockets of those committing the crimes. The story was reported on by the Associated Press.
White collar crimes in Los Angeles are taken seriously by the District Attorney’s office, and the penalties can be quite harsh. When these crimes become federal crimes though, the penalties go up exponentially. Federal prosecutors are some of the best lawyers in the nation, and they rarely lose cases. Many of them go on to work for prestigious law firms or run for public office and so they care about their legacy, meaning they aren’t interested in losing.
For someone charged with mortgage fraud, wire fraud, money laundering or a similar type of crime, it is important to reach out to a white collar lawyer immediately in order to get the defense necessary to avoid years in prison. Not every case is a $100 million mortgage fraud, and many come down to bad business decisions or accounting errors. Often, people who were not actually committing crimes can be “thrown under the bus” because they are associated with people being prosecuted for serious offenses.
If you or someone you know is being investigated or charged with a white collar crime in Los Angeles, Orange County or Riverside, contact the attorneys at Kestenbaum Eisner & Gorin today at 877-781-1570. They have years of experience working as prosecutors in the District Attorney’s office and can provide top notch advice and legal representation. Call today.
Categorised in: Money Laundering
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