- Associated Press - Thursday, March 31, 2016

CHARLESTON, S.C. (AP) - A former loan officer at a South Carolina mortgage company has been sentenced to 30 months in federal prison and ordered to repay nearly $5 million stemming from a mortgage fraud scheme.

The Post and Courier of Charleston reports (https://bit.ly/1onTcfo ) that 67-year-old Steven Weiss pleaded guilty last year to wire, mail and bank fraud. Weiss was sentenced Wednesday in Charleston.

The scheme involved buying nearly 90 properties in coastal South Carolina and Georgia a decade ago. Prosecutors said $45 million was borrowed from banks based on fake appraisals which inflated the property values.

Weiss could have received five years.

U.S. District Judge Richard Gergel said he cut the prison term in half because of Weiss’ failing health, lack of a criminal record and cooperation with the government.


Information from: The Post and Courier, https://www.postandcourier.com

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