Broker Faces 11 Years For $20M Real Estate Scam

Law360, New York (May 8, 2009, 12:00 AM EDT) -- A California loan broker charged with masterminding a $20 million fraudulent real estate scheme has pled no contest to 59 counts of embezzlement, securities fraud and selling unregistered securities, reversing an earlier not-guilty plea.

Thomas J. Hastert entered a nolo plea for the bulk of the charges against him on Thursday in the Superior Court of the State of California. The remainder of the counts against him will be dismissed at sentencing, according to the county clerk's office.

"For three years, Hastert pulled off an elaborate...
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