Mortgage Broker Pleads Guilty in $20 Million Mortgage Fraud Scheme

MINNEAPOLIS, MN – August 11, 2011 – (RealEstateRama) — Earlier today in federal court, an Edina mortgage broker pleaded guilty for his role in a $20 million mortgage fraud scheme that involved 57 properties. Derrick Ivan Lance, age 40, of Edina, specifically pleaded guilty to count of conspiracy to commit wire fraud. Lance, who was charged on July 22, 2011, entered his plea before United States District Court Judge Joan N. Ericksen.