Industry News

Colorado man gets 101 years for real estate fraud

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A Colorado man was sentenced Friday to 101 years in prison and $37 million in restitution for his involvement in a mortgage fraud case, media reports said. Gerald P. Small III, 43, of Broomfield, Colo., was arrested a year ago for his part in a scheme to obtain hundreds of millions of dollars in bogus mortgages and multimillion-dollar lines of credit, authorities told the Denver Business Journal. Small and five others were indicted in the case, reports said. The case involved falsifying documents that were submitted through Small's company, Amerifunding of Westminster, and another company he controlled, 20th Century Mortgage Inc., reports said. The plea agreement shows that Small and his associates at Amerifunding placed help-wanted ads in a Denver newspaper in which salaries of more than $100,000 were promised, reports said. The ads were a way to obtain an applicants' personal identification information in order to get the fraudulent mortgage loans, according to reports. The case wa...