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Man sentenced for mortgage fraud
Posted by: Jane Friedmann under Businesses in hot water, Scams, Whistleblower Updated: April 4, 2012 - 6:04 PM
A Savage real estate salesperson was sentenced last week for his part in a $13 million mortgage fraud scheme that involved at least 25 properties in southwest metro cities, according to U.S. Attorney B. Todd Jones’ office.
Ericvan A. McDavid was sentenced to 45 months in prison on one count of wire fraud.
McDavid admitted he recruited buyers for properties, produced falsified loan applications, gave buyers money to put toward the purchase and kept some of the loan proceeds.
The properties, located in Minnetonka, Prior Lake and Savage, fell into foreclosure, at a loss to lenders of $9.2 million.
Three co-conspirators, were sentenced last year for their part in the scheme. Each was convicted of conspiracy to commit wire fraud.
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