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By stan_sipple

Ringleader of St Louis mortgage fraud scheme receives 44 month sentence in federal court after he admits he went on a "Lifestyles of the Rich and Famous" spending spree as federal indictments loomed. St Louis Business Journal. The federal district court also ordered the defendant to pay $576,390 to 21 different banks and mortgage companies. The Defendant pleaded guilty in September 2007
to defrauding lenders of more than $500,000 and laundering the proceeds of the plot through a local credit union. According to Daugherty's plea agreement, he and others, who were not named in the release, arranged for the fraudulent purchase of 52 properties. Daugherty's sentence was increased after he admitted in a rare post-plea filing that he went on a "spending spree" as his criminal indictment for mortgage fraud loomed

Full post as published by Showmeblawgs on January 27, 2008 (boomark / email).