- Associated Press - Monday, September 29, 2014

ALBUQUERQUE, N.M. (AP) - A federal appeals court has ordered a new sentence for a former Albuquerque real estate agent convicted of wire fraud in fraudulently obtaining mortgage loans.

The 10th U.S. Circuit Court of Appeals told a lower court Monday to resentence Kevin Powers after his lawyers claimed the court incorrectly used the gross-receipts enhancement.

A federal judge sentenced Powers in 2011 to 4 1/2 months in prison after he was convicted of 17 counts of wire fraud related to enabling unqualified buyers to get 100 percent financing on home loans.

Powers was both mortgage broker and real estate agent on the transactions, reaping percentages for both.

Prosecutors say the scheme defrauded lenders of over $5.5 million in loan proceeds.


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