Vegas Atty Gets 7 Years, Must Pay $31M For Mortgage Fraud

Law360, Los Angeles (September 6, 2013, 3:28 PM EDT) -- A Las Vegas attorney was sentenced Thursday to 87 months in federal prison and ordered to pay nearly $31 million in restitution for his role in a mortgage fraud scheme through which prosecutors said he and co-conspirators used straw buyers to purchase more than 100 homes, then reaped proceeds from the sales.

Gerry Zobrist, 43, pleaded guilty in January to one count of conspiracy to commit wire fraud and bank fraud, an offense that carries up to a 30-year prison sentence. But Judge James C. Mahan ultimately...
To view the full article, register now.