Mortgage fraud is a big deal, and authorities throughout Arizona are cracking down on anyone associated with illegal real estate transactions. Recently, there was a case involving mansions located in Scottsdale and Paradise Valley valued over $1 million. According to an article in the Phoenix Business Journal, the three men involved in this case pled guilty to charges of conspiracy to commit wire fraud. While all three men were sentenced to Federal prison, two of them received 27-month sentences and the other received a 30-month sentence.
This particular case involved the use of “ straw buyers" or individuals who pretend to be a legitimate property buyer when they are really associated with a mortgage scam. Oftentimes, a straw buyer will use an illegal, fake, or stolen I.D. in order to qualify for and purchase the high-priced property. The use of straw buyers to commit Arizona mortgage fraud is not taken lightly by our state’s criminal justice system. It is possible for those found guilty of illegitimate real estate transactions to face penalties similar to the sentences of the three men in this case.
If you’re facing charges for a white collar crime involving mortgage fraud in the Phoenix metro area, I encourage you to consult with a Scottsdale criminal defense attorney. Since your defense in court makes a huge difference in the outcome of your case, make sure you retain someone with extensive knowledge of Scottsdale and Paradise Valley mortgage fraud.