Alleged Rent-To-Own Scam Artist Gets 37 Months For Leaving Would-Be Homeowners, Straw Buyers, Lenders Holding The Bag On Fraudulently Obtained Loans

In Portland, Oregon, The Columbian reports:

• A Vancouver man was sentenced Tuesday in U.S. District Court in Portland to 37 months in prison for mortgage fraud. Jeremy Richardson, 33, pleaded guilty in September 2008 to money laundering. As part of his sentence, Richardson must pay more than $496,000 in restitution to four title companies and a number of victims affected by his fraud scheme. He also must serve three years of community supervision upon his release, according to a press release from the U.S. Attorney’s Office.

• At his plea hearing, Richardson had admitted he solicited people to buy real estate as an investment and that if they didn’t qualify for a loan he would falsify documents to send to lenders. [...] Prosecutors said Richardson handled financial transactions on 90 to 100 residential properties in the metro area. Many of those homes then went into foreclosure.

For the story, see Vancouver man to serve 37 months for fraud scheme.

For the U.S. Attorney (Portland) press release, see Mortgage Fraud Defendant Sentenced to 37 Months in Federal Prison.

For an earlier post, see Alleged Oregon "Rent-To-Own" Scam Artist Flees To Mexico, Leaving Tenants, Straw Buyers Holding The Bag.