Man Pleads Guilty To Mortgage Fraud

By
Bethany Venable

Dateline
Updated Thu, Oct 6, 2011 1:40 pm

A Dublin man pleaded guilty in U.S. District Court to a mortgage fraud scheme in Portsmouth totaling more than $1.2 million.     

Andrew Hill, 34, admitted to buying five properties and selling four of them to unqualified buyers.
 
Department of Justice spokesman Fred Alverson says Hill bought the properties for more than the asking price. He then deposited the extra money into a bank account for a phony business, Ohio-Lendco. Hill said in a statement to the FBI he then sold the homes at inflated values after advertising in a local paper.
 
Alverson says Hill acted as a mortgage broker for the buyers and falsifed the loan documents.
 
Hill faces up to 30 years in prison, a fine of $1 million and restitution. 
Tags: