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by CareyBot

The former chief executive officer of a California mortgage company was arrested Thursday on wire fraud and other charges after he was accused of defrauding lenders out of more than $9 million. Kenneth Ketner, 57, of Newport Beach, Calif., was named in a 14-count indictment by a federal grand jury alleging that he funneled money meant for borrowers to his now-defunct company, Mortgage Capital Resources, Assistant United States Attorney Andrew Stolper said. The indictment said Ketner entered into lending agreements with various financial institutions that allowed MCR to originate loans on their behalf. Once the loans were approved, the lenders would transfer the money to Mortgage Capital to disburse to borrowers. But, the indictment said, often the borrowers never got the money. Among ...