Posted: Nov 21, 2011 3:57 PM by Associated Press
Updated: Nov 21, 2011 3:57 PM
ST. LOUIS (AP) - A St. Louis-area mortgage banker could face more than three years in prison after pleading guilty to a role in a $1.5 million fraud case.
Matthew Kent pleaded guilty to a federal wire fraud charge Monday. Sentencing is Feb. 17.
Federal prosecutors say Kent was vice president of the University City office of Coral Mortgage Bankers Corp. when he and David Rubin of Chesterfield solicited money from a man, telling him it would be kept in trust and the man would be paid interest.
But prosecutors say Kent and Rubin used some of the money for Coral's expenses and funneled the rest to a third man, Joshua Gould, who misspent the money.
Gould was sentenced to more than eight years in prison in July. Rubin faces sentencing Jan. 20.