Ex-mortgage broker gets jail time for fraud

RIDGELAND — Former Ridgeland mortgage broker Mark Calhoun has been sentenced to 16 years and eight months in prison for mortgage fraud in a scheme that involved more than $10 million in fraudulent loans.

Yesterday, U.S. District Judge Dan Jordan also sentenced Calhoun’s associates, J. Larry Kennedy, and son Keith Kennedy, who operated a mortgage loan closings business. They were convicted by a jury along with Calhoun. The elder Kennedy must serve five years in prison and the younger Kennedy, six years.

The Clarion-Ledger reports Calhoun and the elder Kennedy must report to prison Aug. 1.

Prosecutors say Calhoun prepared fictitious documents to ensure lenders would make loans to prospective borrowers. In some cases, they say inflated values were placed on homes, and Calhoun and others received the benefits.

Source: The Clarion-Ledger

[RSS Feed] [del.icio.us]



To sign up for Mississippi Business Daily Updates, click here.

One Response to “Ex-mortgage broker gets jail time for fraud”

  1. Lastest Mortgage News | Office Tlogo Says:

    [...] Ex-mortgage broker gets jail time for fraud RIDGELAND — Former Ridgeland mortgage broker Mark Calhoun has been sentenced to 16 years and eight months in prison for mortgage fraud in a scheme that involved more than $ 10 million in fraudulent loans. Read more on Mississippi Business Journal [...]

POST A COMMENT

 

Twang & Tourism: The Country Music Trail

Our annual "Come See Us" magazine offers ideas for spots in Mississippi ranging from golf to culture to history to food. Click the photo for ideas, stories and access to the digital edition of this year's magazine.

FOLLOW THE MBJ ON TWITTER

Top Posts & Pages

%d bloggers like this: