COLUMBUS, Ohio – A third central Ohio man is headed to federal prison for his part in a $15 million mortgage fraud scheme.
Cameron Green of Pickerington was sentenced to a year and a day in prison after pleading guilty to fleecing banks out of millions of dollars in loans on houses that eventually fell into foreclosure.
Cameron Green, 36, of Pickerington, was also sentenced to three years of supervised release, and ordered to pay $6,115,965 in restitution, Carter Stewart, US Attorney for the Southern District of Ohio, said.
Jason and Kevin Simcox had previously been sentenced for their roles in the scam, in which the three men defrauded banks out of approximately $15,037,421 in mortgage loans to finance the purchase of 26 real estate properties in Maricopa County, Ariz.
Between August 2006 and May 2007, Green and Jason Simcox using false income, assets, and occupancy statements to apply for loans that were inflated to allow them to generate cash kickbacks to co-conspirators, according to a release from Stewart’s office.
The men used a Westerville mortgage brokerage company they co-owned to finance the purchases of the properties.
Each man inflated his income, minimized his assets, failed to disclose his ownership of several other properties on which he held mortgage loans, and concealed the fact that he intended to receive substantial cash kickbacks after the closing of three properties, Stewart’s office said.
Simcox and Green received approximately $1,469,263.00 in seller kickbacks, real estate agent commissions, real estate agent commission kickbacks, and fees.
All 26 of the Arizona properties were subsequently sold short or foreclosed on.