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Local News

Waterford Man Sentenced For Mortgage Fraud

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File photo of a jail cell. (credit: Frank Micelotta/Getty Images)

File photo of a jail cell. (credit: Frank Micelotta/Getty Images)

HARTFORD, Conn. (AP) _ A Waterford man has been sentenced to a year in prison for his role in a mortgage fraud scheme.

Federal prosecutors say 60-year-old Juan Velez was involved with others in a scheme involving multiple properties in New London. He was accused of acquiring properties from a co-defendant and selling them to another co-defendant at inflated prices with fraudulently obtained mortgage loans.

Velez pleaded guilty brank fraud in June. He was sentenced Monday in Hartford to a year and a day in prison, followed by five years or supervised release.

Velez was also ordered to pay restitution totaling more than $900,000 to four financial institutions.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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