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Archive for Wednesday, January 26, 2011

Kansas man sentenced to over four years in prison for leading $3 million mortgage fraud scheme

January 26, 2011

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— A Kansas man who led a $3 million mortgage fraud scheme was sentenced to four years and three months in federal prison.

U.S. Attorney Barry Grissom says 28-year-old Eric M. Rabicoff also was ordered Monday to forfeit $50,000 in proceeds from the crimes. He pleaded guilty to one count of money laundering.

Prosecutors say Rabicoff directed several co-conspirators to arrange for straw buyers to buy homes that were for sale by owners in Olathe, Kansas City, Mo., and Lee's Summit, Mo. They also obtained financing for the deals by submitting false loan applications.

Nine other people have been sentenced in the case.

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