MORTGAGE FRAUD SCHEME Utah Man Sentenced For Role In Putnam County Subdivision Fraud Scheme
Reported by: Jeff Morris
Web Producer: Jeff Morris
Reported: Nov. 5, 2012 5:39 PM EST
Eyewitness News Photo
Charleston
, Kanawha County
, West Virginia
In wrapping up a six-year long investigation, U.S. Attorney Booth Goodwin announced Monday that a Utah man was sentenced to four years and nine months in federal prison for his leadership role in a multimillion-dollar mortgage fraud scheme linked to properties in a Putnam County subdivision.
Raymond Paul Morris, 51, of South Weber, Utah, previously pleaded guilty in July to conspiracy to commit wire fraud and bank fraud, according to a news release from Goodwin’s office. Morris admitted to participating in the sophisticated multimillion-dollar mortgage fraud scheme in early 2006 along with convicted co-conspirators Deborah L. Joyce, 38, of Hurricane, West Virginia and Michael S. Hurd, 37, of Utah.
The scheme reaped nearly $2 million in lost equity from the lenders in less than two years. Six defendants were ultimately sentenced to a total of 166 months of imprisonment for their respective involvement in the fraudulent scheme.
"When criminals steal from banks by taking out fraudulent loans, it's legitimate borrowers who get hurt,” Goodwin said. “Mortgage fraud makes it difficult for honest homebuyers to get a mortgage. And that cuts straight to the heart of the American dream."
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Jeff Morris
