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New Century Loan Officer Gets 3-Year Sentence

Law360 (April 30, 2008, 12:00 AM EDT) -- A former loan officer at shuttered subprime mortgage lender New Century Financial Corp. has been sentenced to three years in prison and ordered to pay roughly $800,000 to the government and victims of a kickback scheme he operated for over four years, the U.S. Department of Justice announced Tuesday.

Renato Gonzales Quiazon acknowledged that while working at New Century Mortgage he devised a scheme to fraudulently obtain loan kickbacks and drain funds from borrowers' escrow accounts, reaping more than $500,000 between January 2000 and October 2004....
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