Ex-mortgage broker gets jail time for fraud
Published: June 9,2011
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
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Ex-mortgage broker gets jail time for fraud”
Top Posts & Pages
- Longtime Biloxi mayor Holloway resigns
- Proposed ammo ban empties shelves
- DAVID DALLAS: Tax slasher productions comes to Mississippi
- (UPDATED — BREAKING NEWS) American Specialty Alloys won’t locate $1.2B mill in Mississippi
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Status of some bills in the Mississippi Legislature
- ASA postmortem: industrial recruiting is a constant cycle of death and life
- Hattiesburg wastewater treatment system could cost $152M
- Events and Nominations