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Santa Barbara County Men Among Thoses Sentenced To Prison For Mortgage Fraud Scheme

Posted on Tuesday, December 18, 2012 12:25am

Two Santa Barbara County men, and one San Luis Obispo County man have been sentenced to prison, and ordered to pay $2.4 million dollars in restitution after being convicted of a mortgage fraud scheme.

Federal prosecutors say Rigoberto Hernandez and Julio Tamayo of Santa Maria, and Brian Armet of Santa Margarita falsified paperwork so people ineligible for home loans would get them, eventually resulting in 19 loans going into default. The FBI investigated the case, concluding that the bad loans coast lenders about $2.4 million dollars in losses.

All three men entered guilty pleas to mortgage fraud charges, and they are facing sentences ranging from six months, to a year in prison.

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