Industry News

Missouri man sentenced in $18 million real estate fraud

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A Missouri man was sentenced to three years in federal prison and nearly $80,000 in restitution for a nearly $18 million mortgage fraud scheme Friday, officials said. Carl Long, 56, of Oak Grove, Mo., was sentenced by U.S. District Judge Ortrie D. Smith Friday to three years in federal prison with parole and was also ordered to pay $79,500 in restitution, Todd P. Graves, United States Attorney for the Western District of Missouri, said Friday. On April 21, Long had pleaded guilty to two counts of wire fraud and one count of money laundering, according to the U.S. Attorney. Long's offenses were part of a wider mortgage fraud scheme among three co-defendants that involved a total of 120 loans valued at nearly $18 million, according to Graves. Carl Long was engaged in the mortgage lending business with his son and co-defendant Anthony Edward Long, 35, of Blue Springs, Mo., through Community HomeBanc and First Equity Banc, two Independence, Mo., companies that are no longer in business, ...