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.
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