News Release:Associated Press
ORLANDO, Fla. (AP) -- A central Florida mortgage executive has been sentenced to three and a half years in prison for fraudulently obtaining $2 million in home mortgages.
Federal authorities said last week that 35-year-old Braden Koegel obtained the loans on two properties in North Carolina by using straw purchasers.
Federal authorities say the straw purchasers would lie about their income and assets on loan applications. Both of the properties went into foreclosure, resulting in more than a $1 million loss to the lender.