Mortgage fraud ringleader sentenced to more than 4 years

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.


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