FORT WORTH, Texas — A North Texas real estate investor must serve three years in federal prison for home-buying fraud targeting Colorado Federal Savings Bank.
Calvin Richard Ford of Grand Prairie was sentenced Tuesday in Fort Worth.
Ford last June pleaded guilty to conspiracy to commit wire fraud. He must repay nearly $434,000.
Prosecutors say Ford would purchase homes and sell them to investors at an inflated price. Ford gave the buyers money from the sales proceeds so that they could afford to make the down payment. He deceived lenders by helping buyers falsely represent that they could afford the properties.
Prosecutors say Ford sold more than 80 properties in the scam, saying he would find renters and make the mortgage payments. Ford often didn't pay the mortgages and many homes went into foreclosure.