DALLAS (AP) — A Dallas-area loan officer has been sentenced to more than seven years in prison and must repay nearly $1.8 million in a mortgage fraud and laundering scam.
Federal prosecutors in Dallas on Friday announced the penalty for 41-year-old David Joe Cano of Arlington. Cano worked for 1st Capital Investment in Richardson.
Cano last fall pleaded guilty to conspiracy to engage in monetary transactions in property derived from specified unlawful activity.
Prosecutors say since 2006 Cano and others in the scheme paid people with good credit scores to seek mortgages. Their loan applications falsely represented higher incomes and assets.
The mortgage holders were promised rental income until properties sold, but instead the money was laundered through shell companies and loans went unpaid.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Police: RV Containing Pot-Laced Candy Catches Fire On Bridge
- New DART Line Extends Through Oak Cliff To UNT Dallas Campus
- Dog Alerts Neighbors To Fire, Unconscious Owner And Pet
- Figure Skater Scott Hamilton Diagnosed With 3rd Brain Tumor
- Bill Murray Honored As He Accepts Mark Twain Prize For Humor
- Woman Forced To Strip And Serve Jail Time For Overdue Ticket
- Veteran Wants Flag Vandals To Take Responsibility For Crime
- Lightning Strikes Man Twice At Rednecks With Paychecks
- Sleepy Driver Crashes Into Mattress Store
- Jerry Jones: ‘London Could Be An Expansion’
- PHOTOS: Your Pet Pictures