"Together, they obtained homeowners' reverse mortgage funds under the pretense of financing home repairs but ultimately diverted the money. Bohn held a mortgage loan originator license from 2012 to 2018 and pleaded guilty to mail and wire fraud. He entered a plea agreement in January 2024, and his state license was revoked in July of that year. According to court documents, Bohn's sentence announced Wednesday was shorter than the 28 months requested by federal prosecutors."
"The same scheme also led to a 17-year federal prison sentence in January for Mark Steven Diamond, who was ordered to pay $2.7 million in restitution by the U.S. District Court for the Northern District of Illinois. Mark Diamond repeatedly preyed on the elderly for years, Morris Pasqual, the acting U.S. attorney for the Northern District of Illinois, said in January. He damaged the most vulnerable in our community, both financially and personally."
Gary Bohn, a former mortgage loan originator for American Fidelity Financial Services, was sentenced to 18 months in prison for participating in a multimillion-dollar reverse mortgage and home repair fraud scheme that diverted homeowners' reverse mortgage funds. Bohn pleaded guilty to mail and wire fraud, entered a plea agreement in January 2024, and had his state mortgage license revoked in July 2024. He cooperated with investigators and has repaid roughly 7% of the $300,000 restitution ordered. Prosecutors sought 28 months, but the court imposed a shorter sentence. The scheme involved other loan officers, brokers and an appraisal management company. A related defendant, Mark Steven Diamond, received 17 years and $2.7 million restitution for preying on elderly homeowners.
Read at www.housingwire.com
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