Two Dallas residents get prison time for $10 million mortgage fraud scheme
Two Dallas residents were each sentenced to federal prison Monday after pleading guilty in a massive mortgage fraud conspiracy case.
Eric Damon Johnson, 51, and Tracie Elaine Stenson, 50, were sentenced to 48 and 57 months, respectively. U.S. District Judge David Godbey also ordered Johnson and Stenson to pay $3.75 million in restitution.
Johnson and Stenson obtained more than $10 million in excess loan funds through their DeSoto firm Bridgemark Investment Group.
Court documents show they conspired to fraudulently obtain mortgage loans in excess of the actual sale price of homes by making false statements on loan applications and submitting invoices for construction repairs and upgrades that were never completed.
More at http://crimeblog.dallasnews.com/ .
