A Las Vegas-area homebuilder has been sentenced to 14 years in prison and ordered to pay $4.4 million in restitution for creating a mortgage fraud scheme that provided large cash incentives to buyers, real estate agents and others to sell homes at inflated prices. Prosecutors said lenders lost more than $18 million after most of the 85 homes sold from March 2007 to mid-2009 went into foreclosure.

Paul Wagner, 59, was convicted by a jury in October of one count of conspiracy to commit bank fraud and wire fraud, six counts of bank fraud and three counts of wire fraud, and sentenced this week by U.S. District Judge Miranda M. Du. Source: fbi.gov.

 

Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
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