Mortgage Broker Used Help Wanted Ads to Harvest Information For Fraudulent Mortgages
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How did Gerald Small think that he could get away with this? Small is the Mortgage Broker who took out help wanted advertisements and then took the applicants information and applied for mortgages in their names.
He must have been very successful with this as he has to pay 37 million in restitution, but how did he keep it going for so long? And if he bilked this many people, how is it that he is only getting 8 years in jail?
A mortgage broker indicted in a scheme to take out help-wanted ads promising applicants six-figure salaries then using the applicant’s information for fraudulent mortgage loans was ordered Friday to pay $37 million in restitution.
A federal judge sentenced Gerald P. Small III, 43, of Broomfield, Colorado, to serve eight years and five months in federal prison, the Justice Department said. His five associates who also were indicted in the case must pay millions of dollars more in restitution.
Small’s sentence was delayed 10 days so disputed issues could be resolved, the Justice Department said. He and prosecutors reached a plea agreement. via TheDenverChannel.com
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