Mortgage Loan Officers Sentenced for $4.8 Million Mortgage Fraud

MINNEAPOLIS – February 5, 2013 – (RealEstateRama) — Earlier today in federal court, two mortgage loan officers were sentenced for recruiting straw buyers to purchase properties at inflated prices and then distributing the excess loan funds among themselves, the straw buyers, and others involved in the scheme. United States District Court Judge Joan N. Ericksen sentenced Chad Arthur Anderson, age 39, and Troy Allen Huston, age 43, both of Chisago City, to federal prison terms of 60 months and 57 months, respectively, on one count of conspiracy to commit mortgage fraud through the use of interstate wires. They also were ordered to pay more than $4.8 million in restitution. The two were indicted on April 3, 2012, and pleaded guilty on August 13, 2012