- Associated Press - Friday, February 13, 2015

DES MOINES, Iowa (AP) - A Des Moines area attorney and a real estate agent have been convicted of bank fraud after an eight-day federal court trial.

A jury on Thursday convicted attorney Jason Springer on seven counts of bank fraud and real estate agent Rick Makohoniuk on one count.

Prosecutors allege Des Moines area banks lost $400,000 when the men bought 18 homes in short sales at prices they claimed were fair market value then quickly resold them for more than they paid. Short sells are homes on which the owner owes more than the property is worth.

Two other men - Nathan Smith and Patrick Steven - earlier pleaded guilty to bank fraud and Jerod Hogan, a mortgage broker, pleaded guilty to conspiracy to make a false statement.

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