5th Circ. Vacates Sentences In Ex-NFL Star's $20M RE Scam
By Michael Lipkin (December 12, 2014, 9:55 PM EST) -- A Fifth Circuit panel on Friday overturned the sentences — but upheld the convictions — of three Texas realtors who took part in a $20.5 million mortgage fraud scheme involving a former Dallas Cowboys linebacker, ruling the lower court used the wrong figures to calculate restitution.
The fraud involved buying homes in Dallas with mortgage loans based on inflated appraisals, with the defendants keeping the difference between the negotiated purchase price and the mortgage amount. The district court calculated restitution for victim banks who eventually foreclosed on the homes by subtracting the foreclosure proceeds from the mortgage amount.
But the defendants...
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