The fraud carried out by the group amounted to a loss of a sum of $5.8 million to financial institutions, lasting between 2006 to 2011
Former Most Beautiful Girl in Nigeria, Sandra Petgrave and her husband, Chiedu “George” Chukwuka have been sentenced for their connection in a mortgage fraud that lasted over five years and led to so much losses.
Petgrave and her husband are to serve a jail term of one year, six months and nine years respectively, with an order to pay restitution for the crimes.
According to National Mortgage Professional, "Sandra Petgrave of Stone Mountain, Ga. was sentenced Dec. 4, 2015, to one year, six months in prison, to be followed by three years of supervised release, and ordered to pay restitution in the amount of $1,051,970.77."
Her husband, Chukwuka was one of the chief participants in the fraud case, explaining the reason for the length of his punishment.
U.S. Attorney John Horn said, "Chiedu “George” Chukwuka, 47, and his co-defendants and co-conspirators recruited straw sellers and purchasers who targeted bank-owned or distressed property,
"Straw purchasers obtained loans for homes sold by straw sellers at inflated prices, with lenders paying the loan proceeds to the straw sellers,
“At the height of the recent mortgage-fraud crisis, this property-flipping scheme caused scores of homes to fall into foreclosure, costing financial institutions millions of dollars in losses,” he added.
The fraud carried out by the group amounted to a loss of a sum of $5.8 million to financial institutions, lasting between 2006 to 2011.