Industry News

Attorney sentenced to federal prison for real estate fraud

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An attorney in Georgia was sentenced last week to two years, nine months in prison for his involvement in a mortgage fraud scheme. Wayne Frazier, 46, was charged with conspiracy to commit bank, wire and bankruptcy fraud, identity theft and money laundering, according to Sally Quillian Yates, acting U.S. Attorney for the Northern District of Georgia. Frazier also was ordered to pay $593,337 in restitution, file tax returns for the past four years and surrender his law license, which had been suspended. Following his sentence, Frazier will undergo three years of supervised release. Frazier pleaded guilty to charges in June for his role in a major mortgage fraud scheme that included laundering fraudulently obtained mortgage proceeds through his law firm account. In the scheme, which took place from April 1998 through September 1998, perpetrators contracted or arranged for the purchase of residential and commercial properties in Atlanta for resale at higher prices, according to the ind...