A California man has been sentenced to 5½ years in federal prison and must pay $3.5 million in restitution for a mortgage fraud scheme in Las Vegas.
George Anderson, 55, pleaded guilty in April to one count of conspiracy to commit fraud. He is currently released on bond and must report to federal prison by October 25.
In 2005, Anderson began orchestrating a double escrow mortgage scheme involving eight houses in the Las Vegas Valley area, according to the U.S. attorney’s office.
He had help from Andrew Swan, 38, of Illinois, and family members, officials said.
At least 16 mortgage loans were obtained that totaled approximately $6.5 million. The financial institutions involved in the home sales lost about $3.5 million, according to officials.
Swan also pleaded guilty and was sentenced to 30 months in federal prison. He also was ordered to pay $3.5 million in restitution.
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