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Former Phoenix-area real estate agent gets 5-year federal prison term in mortgage fraud scheme

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PHOENIX — A former Phoenix-area real estate agent has been sentenced to five years in federal prison in connection with a mortgage fraud scheme.

Prosecutors say 41-year-old Julio Cesar Esquivel Reyes, of Tolleson, also was ordered to pay nearly $569,000 in restitution.

Reyes previously pleaded guilty to conspiracy to commit wire fraud.

Authorities say Reyes and some co-defendants had an 11-year mortgage fraud scheme that resulted in losses of about $2 million.

The group allegedly provided false information to lenders and used straw buyers to perpetrate the mortgage fraud.

The defendants were accused of obtaining at least 14 loans on 11 properties that totaled more than $3 million and resulted in nine foreclosures.

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