Nathan Orms was sentenced to 4.5 years in prison for leading a mortgage fraud ring in Ohio.

Between 2004 and 2006, roughly the duration of the housing bubble, Orms defrauded lenders of more than $26 million in fraudulent mortgage applications, using straw buyers and other tactics.

Most of the properties ended in foreclosure, while Orms and seven other conspirators funneled $2.5 million to themselves.

The scheme involved fraudulent appraisals, falsified loan applications and fraudulent closing documentation.

Ohio Attorney General Mike DeWine, with the help of a state task force, indicted Orms in the summer of 2011. In February, Orms pleaded guilty to 10 counts corrupt activity charges and nine counts of money laundering.

Franklin County Judge Richard Sheward sentenced Orms Friday.


Most Popular Articles

HomeStreet Bank fined for kickbacks to real estate agents, homebuilders

The FDIC announced Wednesday that it reached a settlement with HomeStreet Bank after an investigation found that HomeStreet had paid kickbacks to real estate agents and homebuilders in exchange for their mortgage business.

Nov 06, 2019 By

Latest Articles

Reverse mortgage lender Retirement Funding Solutions rebranding as Mutual of Omaha Mortgage

One of the top reverse mortgage companies in the nation is about to carry a new name. Retirement Funding Solutions, which ranks among the top 10 reverse mortgage lenders in the U.S., is rebranding and will now be known as Mutual of Omaha Mortgage.

Nov 11, 2019 By