Former Loan Officer Gets Over 12 Years in Prison for Mortgage Scheme
(CHICAGO) -- A former loan officer from Chicago has been sentenced to 12 years and seven months in prison for his role in a mortgage fraud scheme.
Fred Haywood, 42, was sentenced on Thursday after pleading guilty in April 2012 to wire fraud. Haywood was also ordered to pay $1.4 million in restitution to various lenders, according to a release from the U.S. Attorney's Office.
Authorities say Haywood personally gained more than $700,000 from the scheme, which occurred between 2001 and 2007. He worked as a loan officer or processor for several different mortgage brokerage firms.
Copyright 2013 ABC News Radio






Post a Comment


