Sentence for Mortgage Fraud Includes Restitution
posted 6:52 pm Mon November 19, 2007 - Little Rock
In addition to serving 30 months in federal prison, a Searcy woman who pleaded guilty to mortgage fraud and filing false income tax returns will have to pay $120,000 in restitution to victims.
Federal Judge Susan Webber Wright sentenced 54-year-old Debby Cossitt Monday. Acting U.S. Attorney Jane Duke says that Cossitt pleaded guilty during her trial in last December.
Wright ordered Cossitt to serve 30 months in prison, followed by three years of supervised release. The judge also ordered the restitution payments as well as payment of more than $9,500 to the IRS.
Duke says Cossitt was owner, manager or operator of several manufactured-home sales companies in Searcy, Batesville, Jonesboro and Harrison.
Duke says Cossitt admitted falsifying mortgage-loan application documents to increase her business, including inflating bank balances of those buying homes, the size of down payments, and incomes.
Wright ordered Cossitt to serve 30 months in prison, followed by three years of supervised release. The judge also ordered the restitution payments as well as payment of more than $9,500 to the IRS.
Duke says Cossitt was owner, manager or operator of several manufactured-home sales companies in Searcy, Batesville, Jonesboro and Harrison.
Duke says Cossitt admitted falsifying mortgage-loan application documents to increase her business, including inflating bank balances of those buying homes, the size of down payments, and incomes.
Latest Comment on Sentence for Mortgage Fraud Includes Restitution
captainjp
6:38 am on 11/23/07
Debby is a start now they need to go after some of these Bank Presidents and Mortgage companies. They knew these people couldn't pay those mortgages when they gave them to them. Now the rest of us will take it in the neck by losing our retirement accounts, which these clowns used to make bad loans with.
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