Industry News

Pennsylvania mortgage fraudster to pay $1 million in civil suit

Three sentenced to probation in scheme

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Three Pennsylvanians were sentenced to probation Thursday after pleading no contest to criminal charges of defrauding home buyers, and the owner of an implicated company was ordered to pay $1 million in a state civil suit, the Pocono Record reported today. Of the $1 million, $750,000 will go to restitution for homeowners who can prove they were defrauded, reports said. Eagle Valley Homes owner Steven Parisi and mortgage broker Rose Perdue each were sentenced to three years probation for forgery, and builder Donald Kishbaugh to two years probation for passing forged documents, by Monroe County, Pa., President Judge Ronald Vican, reports said. All three pleaded no contest, meaning they would not defend themselves against the charges, reports said. The state Attorney General's Office has been prosecuting these three and two other defendants on charges of exploiting first-time home buyers through false documents, forged signatures, inflated home prices and phantom down-payments on second m...