LAS VEGAS (AP) – A former Las Vegas businessman has been sentenced to nearly 22 years in federal prison for masterminding a mortgage fraud scheme that cost financial institutions more than $24 million.
The Las Vegas Review-Journal reports (
http://bit.ly/KHJ3kV) that Senior U.S. District Judge Roger Hunt on Friday also ordered Brett Depue of Gilbert, Ariz., to pay $1.6 million in restitution.
Depue was accused of conspiring to recruit straw buyers with good credit to buy about 100 homes with mortgage applications containing false information, then renting the properties before selling them at a profit.
Prosecutors say he acknowledged making as much as $13 million off the scheme through investment companies he operated from 2005 to 2007.
The 38-year-old Depue was found guilty by a jury in March of multiple conspiracy and wire fraud charges.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- 12 things to watch before the Oscars
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Best and worst of Super Bowl commercials
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Operation Santa Claus needs holiday help
- This college bowl season is likely to be epic
- Arizona kids in crisis: How you can help
- 11 holiday classics for the ultimate movie marathon
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night
- New bone marrow procedure holds promise for healing pain