Quincy, MA man sentenced for mortgage fraud
February 24th, 2010 - 3:51 pm ICT by BNO NewsBOSTON (BNO NEWS) – A Quincy, Massachusetts man was sentenced on Tuesday to three years and six months in prison for one count of wire fraud and one count of money laundering, prosecutors said.
Michael Hicks, 41, planned a mortgage fraud scheme and recruited two straw buyers to buy two properties in Dorchester. The fore mentioned properties went into foreclosure resulting in a more than $1 million loss the lenders.
Michael Lee helped Hicks with the fraud. He bought a three-family dwelling in Dorchester in 2007 for $400,000. Hicks converted the property into three condominiums then recruited a straw buyer to purchase the three units. Hicks used the buyer’s information to obtain mortgages for the 3 units. He used false information and a fictitious business in order to get them.
Lee and Hicks bought another residence and performed the same fraud scheme. Michael Lee was charged with five counts of wire fraud, his sentence is pending.
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