DALLAS (AP) – A North Texas man who took part in a scheme that swindled nearly $250,000 from at least 70 homeowners who were facing foreclosure after struggling to make their mortgage payments has been sentenced to six years in prison.
Prosecutors say 38-year-old Mark Demetri Stein from Carrollton was part of a group of individuals who mislead vulnerable homeowners by issuing them fraudulent new loans that required large down payments. Homeowners were told to make all future loan payments to Stein and his co-defendants.
U.S. Attorney Erin Nealy Cox announced Tuesday that Stein was also ordered to pay more than $215,000 in restitution after pleading guilty earlier this year to one count of mail fraud.
Stein’s co-defendants have previously pleaded guilty and have received sentences ranging from 15 months to 41 months.
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