Mortgage broker sentenced to 66 months in prison for fraud conspiracy

David Burrus Jr. has been sentenced to 66 months in prison for conspiring to commit wire and mail fraud. Burrus’ sentence includes a five-year term of supervised release after prison and a restitution debt of $241,779.26.

Burrus, 40, of Burns, Tenn., was a mortgage broker and escrow officer and also owned Southern Living Properties, which he used to receive money from fraudulent real estate transactions. In the years before the housing crash, from 2005 through 2007, Burrus obtained 17 mortgage loans and agreed to buy local properties for more than the sellers’ list price, so long as the transactions were structured to ensure that any extra sales proceeds went to Southern Living Properties at closing. He subsequently defaulted on the loans, resulting in a more than $2 million in estimated losses.

Source: The Legal Description