Posted by Trina Kinstler - email
CINCINNATI, OH (FOX19) - A former local mortgage broker was sentenced Tuesday for fraud he committed in connection with his purchase of more than $2.3 million in real estate.
James Mahoney, 57, will spend the next 51 months behind bars and also pay $645,925 in restitution to financial institutions who were victims of the fraud.
In October, 2008, Mahoney pleaded guilty to one count of mail fraud. According to the FBI, Mahoney kept $730,000 from the sale of his house in Middletown in 2001 instead of paying off his mortgage and concealed the fact with a fraudulent "Satisfaction of Mortgage" document.
In 2006, he secured a loan for $1,625,000 to buy a house in Butler County. He again created a fraudulent document when he refinanced the loan in April, 2007 and kept the money instead of paying off his earlier loan.
For at least the last 15 years Mahoney worked in various aspects of the residential real estate lending business, having been employed by lending institutions
A hearing has been scheduled for May 14 to determine whether any additional restitution is appropriate.
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