MINNEAPOLIS — A western Twin Cities man has been sentenced to more than 12 years in prison for orchestrating a mortgage fraud scheme that cost lenders about $2 million.
Thirty-nine-year-old Alpha Mshihiri of Independence was sentenced Monday in U.S. District Court in Minneapolis. Jurors deliberated for less than a day in February before convicting him of bank fraud, wire fraud and mail fraud, and conspiracy to commit bank fraud
The Star Tribune (http://strib.mn/1yNHTPY ) reports Mshihiri's sentence includes five years' supervised release and an order to pay restitution.
Prosecutors contend the onetime licensed mortgage broker and his co-conspirators defrauded lenders for millions of dollars by recruiting straw buyers, falsifying loan applications and other documents, and inflating real-estate purchase prices.
The U.S. Attorney's office says every property purchased through the scheme went into foreclosure.
Information from: Star Tribune, http://www.startribune.com