Former Kansas man sentenced for mortgage fraud

2 years 4 months 7 hours ago September 23, 2014 Sep 23, 2014 Tuesday, September 23 2014 Tuesday, September 23, 2014 2:26:00 PM CDT in News
By: The Associated Press

KANSAS CITY (AP) - A former Kansas man has been sentenced in Missouri to more than seven years in federal prison for his role in a $2.7 million mortgage fraud scheme.

The U.S. Attorney's office says 49-year-old Terrence Matthew Brown must also pay $1.2 million in restitution under the sentence he received Tuesday in federal court.

Brown, formerly of Wichita and now living in Texas, was convicted earlier in a conspiracy that defrauded lenders in 10 loans for five properties in western Missouri and northeast Kansas.

Prosecutors said the conspirators obtained loans with false information on applications and other documents. Brown bought homes at inflated prices and received more than $200,000 in kickbacks from the excess loan proceeds.

All of the loans went into default and the properties were foreclosed.

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