2nd Circ. OKs 5 Years, $30M For Mortgage Fraudster

Law360, New York (December 1, 2010, 2:50 PM EST) -- A federal appeals court has upheld a five-year sentence and $30 million fine for a New York mortgage dealer convicted of conning about 70 investors into unsecured and risky real estate investments.

A three-judge panel in the U.S. Court of Appeals for the Second Circuit on Tuesday rejected Ivy Woolf-Turk’s claim that her crime had produced no loss because the properties her victims invested in still had value when she was arrested and, if the real estate market hadn’t collapsed, might have paid off in full....
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