A 71-year-old Pennsylvania man faces up to 30 years in prison after pleading guilty to a federal mail fraud charge stemming from a mortgage finance scheme prosecutors said cheated more than 800 investors out of nearly $30 million. Wesley A. Snyder, of Oley, Pa., entered the guilty plea Wednesday in U.S. District Court for the Eastern District of Pennsylvania. The plea agreement was announced Nov. 9 by the U.S. Attorney for the Middle District of Pennsylvania. Prosecutors said Snyder signed up 811 customers for a pyramid scheme he dubbed the "Wrap Around, Equity Slide Down Discount" mortgage program. Clients agreed to take the excess proceeds from purchase or refinance mortgages and invest them with Snyder's companies, in exchange for a lower interest rate. Prosecutors said that...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.