Former Bank Vice President Sentenced to 10 Years in Prison for Mortgage Fraud Scheme

    WASHINGTON, D.C. – January 29, 2013 – (RealEstateRama) — A former senior vice president and loan officer at Pierce Commercial Bank was sentenced today in U.S. District Court in Tacoma to 10 years in prison and five years of supervised release for a mortgage fraud scheme that resulted in the collapse of the bank, announced U.S. Attorney Jenny A. Durkan. Shawn L. Portmann pleaded guilty September 18, 2012, to conspiracy to make false statements in loan applications and to make false statements to the Department of Housing and Urban Development (HUD) and one count of making a false statement in loan applications.

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