Texan Gets More Than 7 Years For Mortgage Fraud
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 This material may not be published, broadcast, rewritten or redistributed.)
- New DPD Website Posts Officer Involved Shooting Information
- Car Burglary Suspect Caught Using Stolen Credit Cards
- Southwest Trails Other Big Airlines In Mishandled Baggage
- Black Friday Shoppers Already Setting Up Camp
- Baby Born On Highway After Texas Mom Gets Caught In Construction
- 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