Ex-mortgage broker gets jail time for fraud
by Associated Press
Published: June 9,2011
Tags: banking and finance, courts, fraud, homes, mortgages, real estate, sentencing
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
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June 15th, 2011 at 3:56 am
[...] 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 [...]