Waterford Man Sentenced For Mortgage Fraud

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 This material may not be published, broadcast, rewritten or redistributed.)


More From CBS Connecticut

Win Red Sox Tickets All Season
Price Chopper Supermarkets Presents Retail Food Rescue Program

Listen Live