Man Sentenced in Portsmouth Mortgage Scams< < Back to
A Dublin mortgage broker will spend two years in jail for his role in a series of fraudulent home sales in Portsmouth.
According to US Attorney Carter Stewart, Andrew Hill, 34, pleaded guilty to bank fraud and money laundering in October.
Hill was sentenced in US District Court Monday.
Hill was accused of purchasing five properties using fraudulent mortgages totaling $1.2 million dollars and re-selling them to unqualified buyers.
Carter says Hill paid a significantly higher price than what the buyers were asking for and then deposited the excess funds from loans into a fake company that he created called Ohio-Lendco.
The unqualified buyers defaulted on their mortgage loans, costing the lenders more than $600,000.