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
- Bids on reworking Interstate 55 stretch are rejected
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- ALAN TURNER: Education in Mississippi – good and bad news
- CFPB wants repay ability at center of new payday loan rules
- Hosemann to launch crowd funding program
- Terminal upgrade on indefinite hold at Jackson International Airport
- JOSH MABUS: The Tao of Road House
- Answering the Bell: Interim Ole Miss law school dean well-regarded for directing hands-on clinical training