Oklahoma man sentenced for money laundering

AP News
Posted: Dec 04, 2009 11:38 AM

An Edmond man has been sentenced to 30 months in prison for money laundering.

Phillip Seibel, who pleaded guilty July 22, also was ordered Wednesday to pay $770,037 in restitution.

Prosecutors say Seibel formed Homesavers LLC, which contacted homeowners who were facing foreclosure. Homesavers promised to find investors to purchase the homes and allow the sellers to stay put, pay rent to the company and earn a chance to buy back their homes.

Prosecutors say the rent was supposed to go toward the mortgage payments, but Homesavers endorsed the sellers' names without permission and deposited the money in a bank account.

Authorities say most of the homes went into foreclosure, and the sellers lost all equity.

Defense attorney J.David Ogle said Thursday Seibel is remorseful and glad the case has concluded.