the republic logo

Twin Cities man sentenced to 12 years in prison for orchestrating $2M mortgage fraud scheme

bug
Share/Save/Bookmark

MINNEAPOLIS — A western Twin Cities man has been sentenced to more than 12 years in prison for orchestrating a mortgage fraud scheme that cost lenders about $2 million.

Thirty-nine-year-old Alpha Mshihiri of Independence was sentenced Monday in U.S. District Court in Minneapolis. Jurors deliberated for less than a day in February before convicting him of bank fraud, wire fraud and mail fraud, and conspiracy to commit bank fraud

The Star Tribune (http://strib.mn/1yNHTPY ) reports Mshihiri's sentence includes five years' supervised release and an order to pay restitution.

Prosecutors contend the onetime licensed mortgage broker and his co-conspirators defrauded lenders for millions of dollars by recruiting straw buyers, falsifying loan applications and other documents, and inflating real-estate purchase prices.

The U.S. Attorney's office says every property purchased through the scheme went into foreclosure.


Information from: Star Tribune, http://www.startribune.com

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.