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A 46-year-old Portland mortgage company operator was sentenced Tuesday afternoon to 41 months in prison for his role in nearly $4 million of mortgage fraud.
U.S. District Judge Robert E. Jones also sentenced Lee Howlett to three years of post-custody supervised release.
Howlett admitted in February to a single federal charge of conspiring to make false statements to financial institutions. Howlett’s Taylor Made Mortgage in Portland was accused of submitting 14 false loan applications between 2003 and 2005 for the purchase or refinancing of seven properties.
The applications contained false employment information, false income information, false information about the source of down payments and false information about the buyer. In addition, each of these applications was accompanied by a fraudulent appraisal.
As a result of the falsehoods, acting U.S. Attorney Kent Robinson, who prosecuted the case, said Howlett obtained more than $3.7 million in financing, of which he personally got $1.3 million. Losses to the financial institutions as a result of the false loans were estimated at between $400,000 and $1 million, Robinson said.
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Re: Mortgage broker goes to prison on federal fraud charge
If he personally got $1.3 million then his sentence of 41 months works out to almost $32,000 per month, not bad money in this economy! How about if the court grabs everything he owns or will make after his release from Club Fed and returns it to the ordinary tax payers he stole it from. White collar criminals get off so easy that others don't fear the crime. Story after story shows how a little expressed regret (coached by a lawyer) and whineing about a gambling habit will allow a criminal to profit. If you robbed a bank of $4 million with a gun you would be in jail for 10 to 20 years.
"White collar crimes deserve more time"
(email verified)
Wed, Nov 25, 2009 at 09:35 AM