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John Allen of Laguna Hills was sentenced today (Sept. 16) for participation in a mortgage scam. According to the U.S. Attorney's office, he solicited so-called investors who would become straw buyers of homes. Allen would falsify loan applications by claiming exorbitant income from fake employers.
Allen and other defendants raked in millions of dollars by convincing sellers to inflate the purchase price by $100,000 or more, allegedly to be used for improvements of the properties. But no construction work was performed and the money went into the defendants' bank accounts.
John Allen of Laguna Hills was sentenced today (Sept. 16) for participation in a mortgage scam. According to the U.S. Attorney's office, he solicited so-called investors who would become straw buyers of homes. Allen would falsify loan applications by claiming exorbitant income from fake employers.
Allen and other defendants raked in millions of dollars by convincing sellers to inflate the purchase price by $100,000 or more, allegedly to be used for improvements of the properties. But no construction work was performed and the money went into the defendants' bank accounts.