Former Iowa real estate agent sentenced for fraud

AP News
Posted: Dec 20, 2011 10:47 AM
Former Iowa real estate agent sentenced for fraud

Federal prosecutors say a former Davenport real estate agent has been sentenced to two years in prison for her role in a scheme to defraud banks and mortgage lenders.

The U.S. attorney's office says 57-year-old Mary Harper was sentenced on wire fraud charges on Monday in Davenport. She was ordered to pay over $185,000 in restitution and serve three years of probation.

Prosecutors say Harper participated in a scheme to skim fees and commissions from inflated real estate mortgage loans. Authorities say inflated prices were used to allow buyers to apply for and receive inflated mortgages. After the deal was closed, the sellers would pay a "kickback" to Harper and the buyers.

Six others, including two buyers, two mortgage brokers and two attorneys, were charged in the case.