Former Grand Blanc, Michigan broker sentenced for multi-million dollar fraud
February 12th, 2010 - 3:51 pm ICT by BNO NewsDETROIT, MICHIGAN (BNO NEWS) – The former owner of Great lakes Broker Funding in Grand Blanc, Michigan was sentenced to 65 months imprisonment for a multi-million dollar mortgage fraud, U.S. Attorney Barbara McQuade announced on Thursday.
Kurt Warren Heintz, 39, was indicted on one count of Financial Institution fraud. James Fish, 41, of Royal Oak, Michigan was charged under the same count and sentenced to 30 months in prison.
Heintz and Fish plotted a fraud scheme using a fraudulent mortgage application based on a false and inflated property appraisal in order to defraud several Flint area based banks. An investigation made by the Federal Bureau of Investigation (FBI) found out that approximately $14.4 million were taken from financial institutions by the two defendants.
Investigations revealed that the schemes started in May 2005 and finished in 2007. The institutions affected were the Indy Mac Bank, Bank of America, Mercantile Bank, Fifth Third Bank and Union Federal Bank.
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