Industry NewsMortgage

Colorado real estate broker prison-bound

Mortgage fraud scheme targeted Hispanics
Published on Dec 4, 2008

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by CareyBot

A former Denver, Colo.-area real estate broker has been sentenced to 7 years in federal prison after being found guilty in a scheme involving homes sold to "unsophisticated" buyers knowing little or no English using fraudulently obtained FHA-insured loans.

Arvin Stanley Weiss, 58, was also sentenced to pay restitution totaling approximately $853,000 to the Department of Housing and Urban Development, and $5,000 to two victim banks.

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