Calif. Man Pleads Guilty in $8.5M Mortgage Fraud
KANSAS CITY, Mo. (AP) -- A California man has pleaded guilty to his role in a mortgage scheme that defrauded a western Missouri bank of more than $8.5 million.
U.S. Attorney Beth Phillips says 36-year-old William Troy Goings, of Sacramento, pleaded guilty Monday in federal court in Kansas City.
Goings admitted defrauding American Sterling Bank in Sugar Creek in a scheme that ran from October 2006 to January 2007, about 18 months before the suburban Kansas City bank was closed.
Prosecutors say Goings submitted fraudulent loan applications for borrowers on behalf of a California mortgage broker. American Sterling Bank approved nearly $8.6 million in loans for 19 properties in California.
Goings could be sentenced to up to 30 years in prison without parole and fined up to $1 million.
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