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by CareyBot

A former Bank of America short-sale negotiator has been sentenced to 30 months in prison and ordered to pay $5.7 million in restitution for his role in a fraud scheme in which prosecutors said he accepted bribes to sign off on the sale of at least nine homes to flippers at prices far below their market value. Kevin Lauricella, 29, of Thousand Oaks, will also forfeit his own home, which was purchased with some of the bribe money, prosecutors said. Bank of America said Lauricella was fired in 2011, and that it has been cooperating with an FBI investigation. Three other defendants signed off on plea agreements that suggest such short-sale property flopping was widespread, the Los Angeles Times reports. "It's part of a large, ongoing investigation," Assistant U.S. Attorney Ranee Ka...