News

Man Must Repay More Than $16M For Houston Fraud

View Comments
File photo of prison.(credit: GABRIEL BOUYS/AFP/Getty Images)

File photo of prison.(credit: GABRIEL BOUYS/AFP/Getty Images)

Featured Items

Small-WttNEW College Football Playoff System

Small-WttTinder Fun With Arian Foster Tweets

77820352_8Hot Cheerleader - Funny Faces 2014

From Our CBS Music Sites

77820352_8Awesomely Ugly Christmas Sweaters

77820352_8Houston Astros Tweet: Taylor Swift Concert Will Be Moved If They Make Postseason?!

459651046 Man Must Repay More Than $16M For Houston Fraud These Names Tend To Land On Santa's Naughty List

77820352_810 Weirdest Requests From Kids To Santa

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

HOUSTON (AP) — A Houston-area man has been sentenced to seven years in prison and must repay more than $16 million in a condominium loan scam.

A federal judge in Houston on Monday sentenced 45-year-old Derwin Frazier and his 44-year-old wife, Veronica, of Pearland in the sham sales of Kirby Lofts.

Derwin Frazier earlier pleaded guilty to conspiracy to commit money laundering. Veronica Frazier pleaded guilty to conspiracy to commit wire fraud and she was sentenced to a year and a day in prison. She also must pay nearly $322,000 in restitution.

Prosecutors say the couple defrauded residential lenders.

Investigators say Derwin Frazier recruited people to apply for loans using false information and documents. The couple then submitted invoices for payment from the bogusly secured loans and split the money with the borrowers.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 25,419 other followers