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Posted: 8:36 AM Aug 9, 2008
Mortgage Fraud
Michigan Man sentenced for mortgage fraud.
Reporter: AP |
A for sale sign stands in front of a bank-owned home in Las Vegas, Friday, Feb. 8, 2008. Regulators are trying to punish Wall Street for mortgage finance practices that expanded home ownership and spread risk among a host of new players _ but also may have duped borrowers and investors who supplied cash to fuel a housing boom that's turned bust. (AP Photo/Jae C. Hong)
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ATLANTA (AP) -- A Detroit man has been sentenced to 10 years in federal prison for his part in a mortgage fraud scheme in the Atlanta area in 2001 and 2002.
U.S. District Judge Thomas Thrash also ordered 42-year-old Riley Graham to pay 670,000 dollars in restitution to lenders who were swindled.
Graham has also been sentenced to 20 years for participating in a Michigan drug ring. He was convicted February 13 of conspiracy, mail fraud, wire fraud and money laundering.
Prosecutors say Graham and a partner fraudulently obtained a 1.3 million-dollar loan to buy lots, and assisted in the sale of houses to "straw buyers" based on falsely inflated prices.
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