A former mortgage broker who was convicted of defrauding homeowners seeking cash-out refinance loans has been ordered to repay $6.7 million to his victims, the Modesto Bee reported.

Tony J. Daniloo, the founder of Modesto, Calif.-based DreamLife Financial, was sentenced by a federal judge last month to nine years in prison. Daniloo, 32, will be released in 7 1/2 years because his sentence in the federal case will run concurrently with a state conviction he’d already served time on.

Daniloo’s plea bargain with state prosecutors last year included a six-year, eight-month prison sentence and an order to pay $1.34 million in restitution.

Before founding DreamLife, Daniloo managed a Dublin, Calif., branch office of Residential Credit Corp. from 2000 to 2002.

He raised DreamLife’s profile by pledging $1 million to the California State University, Stanislaus athletic department, which briefly renamed its basketball stadium “DreamLife Arena” before Daniloo’s company was shut down. DreamLife was a finalist for naming rights to the San Francisco 49ers’ football stadium in 2004.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription