4/9/13 - A local man charged in connection with multi-million dollar mortgage fraud scheme has been sentenced in federal court. A U.S. District Court Judge in Detroit ordered Ronnie Duke of Fenton to serve 13 years in prison and ordered him to pay nearly $95 million in restitution along with a $1 million fine. He had been facing up to 30 years in prison, but because Duke cooperated with prosecutors, they agreed to a 15-year cap on his prison term. Duke was charged in the scheme along with several others, including William Camsell Wells III of Oceola Township who was previously sentenced to 8 and a half years in prison. Duke was at the center of the scam in which fake loans were used to generate cash for travel, upscale homes, expensive boats and even a helicopter. Authorities say the fraud triggered losses of more than $100 (m) million and involved roughly 180 homes in the region between 2004 and 2007. Court records indicate Wells recruited so-called âstrawâ buyers, who filed fraudulent loan applications. Duke would then arrange the loans, which ranged in size from approximately $350,000 to $600,000. Wells also admitted to setting up bank accounts to receive the loan dollars, some of which authorities say was used to finance Hardcore Motorsports, a Hartland-based business that he owned. Duke is expected to report to prison by June 3rd. (JK)
↧