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A Realtor and mortgage broker, his wife, and several others found themselves in the crosshairs of prosecutors Tuesday, along with a former Dallas Cowboys linebacker and nine co-conspirators.
[IMAGE]MReport sourced the two stories from the ""Courthouse News Service"":http://www.courthousenews.com/2012/02/21/44025.htm and the ""San Diego News"":http://www.utsandiego.com/news/2012/feb/21/realtor-8-others-charged-mortgage-fraud/.
From 2002 to 2007, according to the San Diego News, Realtor Eric Elegado allegedly committed conspiracy, fraud, and money-laundering activities that led to $50
[COLUMN_BREAK]million in mortgage fraud.
The news outlet said that Elegado, his wife, and seven others went after low-income immigrant homebuyers to secure $50 million from numerous lenders, ultimately leaving these with $15 million in losses from fraudulently filed loan applications.
The alleged co-conspirators are held on bond for an amount between $35,000 and $75,000, according to the San Diego News.
The Courthouse News Service meanwhile offered up the tale of an ex-linebacker with the Dallas Cowboys who received his conviction along with nine others for approximately $20.5 million in mortgage fraud.
According to the news outlet, William Tisdale worked with Eugene Lockhart, plus others, in order to lock up 54 single-family homes for sale in Dallas, which they then sold for substantially more than fair market value.
Each defendant convicted of conspiracy to commit wire fraud may see 20 years in prison, plus $250,000 in fines; or 30 years in prison and $1 million in fines for bank fraud; or anywhere up to 20 years and $250,000 in fines for wire fraud, the News Service reports.
