5th Circ. Vacates Sentences In Ex-NFL Star's $20M RE Scam
Law360, New York (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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!