NY Man Gets 10 Years For $10M Subprime Loan Plot

Law360, New York (October 20, 2010, 4:31 PM EDT) -- A New York man who used straw buyers from halfway houses to broker at least $10 million in subprime loans now in default has received a 10-year prison sentence.

Sharmon Howell, aka Sharmon Wade, received the sentence on Tuesday after pleading guilty in June to running a fraudulent real estate investment scheme involving residential properties around New York, according to the U.S. Attorney's Office for the Southern District of New York.

The judge also ordered Howell to forfeit $400,000 and serve four years of supervised release....
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