Md. Man Gets 10-Year Term, $13 Million Fine in Mortgage Fraud

The Associated Press
Friday, July 10, 2009; 5:43 PM

A Fort Washington man has been sentenced to a decade in prison for his involvement in a $35 million scheme to cheat homeowners facing foreclosure.

A federal judge on Friday sentenced 39-year-old Kurt Fordham for conspiracy to commit mail and wire fraud in connection with a scam involving Lanham-based Metropolitan Money Store. Fordham also was ordered to pay about $13 million in restitution and forfeit three vehicles and three residential properties in Maryland.

The scheme took advantage of homeowners and lenders by using straw buyers, fraudulently obtained loans and inflated real estate appraisals to strip equity from more than 100 homes from 2004 to 2007.

Nine other defendants have pleaded guilty to conspiracy and are facing a maximum sentence of 30 years in prison.



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