Las Vegas Man Charged with Mortgage Fraud
Last week a 64-year-old Las Vegas man was arrested on suspicion of violating mortgage fraud law in Nevada. He was also indicted on wire fraud, mail fraud and other charges. After pleading not guilty in federal court he was released on his own recognizance.
Mortgage fraud law in Nevada prohibits intentionally trying to defraud a participant in a mortgage lending transaction. Examples are knowingly making a false statement or material representation about a material fact, deliberately concealing or failing to disclose material facts, or knowingly receiving proceeds from a mortgage fraud violation.
A violation of mortgage fraud in Nevada is both a federal and state crime. In state court, it's a category C felony carrying 1 to 10 years in prison. Meanwhile engaging in a "pattern" of mortgage lending fraud is a category B felony carrying 3 to 20 years in prison.
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