PORTLAND, Ore. (AP) — A Eugene man was sentenced to nearly 5 years in prison for his role in a multimillion-dollar mortgage fraud case.
The U.S. Attorney office says 43-year-old Peter Wilkinson owned Deschutes Mortgage Group in Bend and inflated borrowers’ monthly incomes and omitted liabilities in mortgage loan applications. He also deposited $100,000 or more in clients’ checking accounts to falsely demonstrate cash reserves needed to secure the loan.
The Oregonian reports the falsified applications resulted in nearly 60 bad loans on 30 properties. Lenders lost between $2.5 million and $7 million. Meanwhile, Wilkinson pocketed $500,000 from the loans.
Six of Wilkinson’s clients were also given lesser sentences for their roles in the scheme. A federal judge has not ruled what their restitution will be.
Information from: The Oregonian, http://www.oregonlive.com
Copyright 2013 The Associated Press.