facebook
twitter
rss
account
search
search
 

2 sentenced in reverse-mortgage scheme

Nov. 4, 2011 at 4:45 PM   |   Comments

FORT LAUDERDALE, Fla., Nov. 4 (UPI) -- A federal judge in Florida Friday sentenced two loan officers in a nationwide $2.5 million reverse-mortgage fraud scheme.

The Justice Department said Kimberly Mackey, 47, of Pittsburgh, and Marcos Echevarria, 29, of Palm Beach, Fla., solicited seniors to obtain reverse mortgages on their homes and then took the proceeds of those loans without paying off the borrowers' outstanding loans.

U.S. District Judge William P. Dimitrouleas in Fort Lauderdale sentences Mackey to 60 months in prison and five years of supervised release, and ordered her to pay more than $1.6 million in restitution. Echevarria faces 24 months in prison, five years supervised release and payment of more than $1.6 million in restitution.

Two other participants are scheduled to be sentenced next month.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Oregon girl dies at beach after sand pit collapse
2
5-year-old brain tumor patient found; parents arrested
3
Islamic State siege of Amerli, Iraq, broken
4
Israel shoots down drone from Syria
5
Lesotho military denies coup, says police tried to arm fanatics
Trending News
Video
x
Feedback