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Man Gets 4 Years in Mortgage Scheme
DES MOINES, Iowa (AP) - A 38-year-old Altoona man has been given four years in prison for his role in a fraudulent mortgage scheme.
Lane Anderson also most serve five years of supervised release after he leaves prison. He was sentenced on Monday.
Federal prosecutors say Anderson and two co-defendants submitted fraudulent documents to obtain mortgages on 13 properties they had acquired and renovated. Prosecutors say a third co-defendant, Paul Kramer, knew the transactions were fraudulent when he closed them at his closing company.
The scheme collapsed when the mortgage payments lagged and lenders foreclosed. The lenders lost more than $600,000.
Prosecutors say co-defendants Dave Mable and Shannon Flickinger already have been sentenced. Co-defendant Kramer is scheduled to be sentenced on April 12.