A Vancouver man was sentenced Tuesday in U.S. District Court in Portland to 37 months in prison for mortgage fraud.
Jeremy Richardson, 33, pleaded guilty in September 2008 to money laundering.
As part of his sentence, Richardson must pay more than $496,000 in restitution to four title companies and a number of victims affected by his fraud scheme. He also must serve three years of community supervision upon his release, according to a press release from the U.S. Attorney’s Office.
At his plea hearing, Richardson had admitted he solicited people to buy real estate as an investment and that if they didn’t qualify for a loan he would falsify documents to send to lenders.
He also admitted to making phony invoices purporting to show improvements that had been made to properties in order to justify inflated prices and spent money that clients thought was going toward a down payment for personal expenses.
