CONCORD, New Hampshire — A New Hampshire businessman convicted of orchestrating an elaborate and fraudulent scheme to strip the equity out of homes on the brink of foreclosure will spend six years behind bars.
Michael Prieto of Manchester has also been ordered to make restitution of $2.3 million.
Federal prosecutors say Prieto of Manchester used straw buyers and lied on applications to obtain more than $14 million in mortgages and equity loans. He did it under the guise of rescuing financially distressed homeowners between 2005 and 2008.
A federal judge rejected Prieto's insistence Monday that he never expected his mortgage business to be part of any crime.
Prieto's lawyers sought a sentence of supervised release.
Prieto is due to report to prison next month, but his lawyers say they will request an appeal bond.