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Las Vegas Man Convicted in $8M Mortgage Fraud Case

The ""_Las Vegas Review-Journal_"":http://www.lvrj.com/news/home-builder-convicted-in-8-million-scheme-173973671.html reported that a federal jury convicted a Las Vegas homebuilder in an $8 million mortgage fraud scheme.


According to the report, Paul Wagner, a homebuilder in the area for 20 years, was found guilty of conspiracy and fraud charges for selling houses at inflated prices in an attempt to defraud lenders.


From around 2007 to 2009, Wagner provided large cash incentives to buyers, real estate agents, and others in order to sell his homes, prosecutors alleged. To pay for those incentives, prosecutors said he inflated the homes' values through false appraisals. He fraudulently sold 78 homes that way, the _Review-Journal_ reported.

""Over 140 persons have been convicted of mortgage fraud offenses in Nevada since 2008,"" Nevada U.S. Attorney Daniel Bogden said in a statement after the verdict was announced. ""Most of these persons are now serving time in federal prison. Mr. Wagner is the first homebuilder to be prosecuted and convicted.""

According to the _Review-Journal_, Wagner tried to flee the courtroom before marshals could take him into custody. He was caught stumbling as he tried to jump over seats.

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