Ex-investor sentenced in Indiana mortgage fraud
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Posted: 1:16 AM Jan 6, 2010
Ex-investor sentenced in Indiana mortgage fraud
Indianapolis, IN
A former real estate investor who pleaded guilty to federal charges that he set up straw deals to obtain inflated mortgages on more than 100 Indianapolis houses has been sentenced to prison.
Reporter: Associated Press
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A former real estate investor who pleaded guilty to federal charges that he set up straw deals to obtain inflated mortgages on more than 100 Indianapolis houses has been sentenced to prison.

Forty-four-year-old Robert A. Penn of Naples, Florida also was ordered Monday to pay more than $11 million in restitution. He earlier pleaded guilty to charges of wire fraud and admitted to money laundering conspiracy.

Kevin M. Lafavers of LaGrange, Kentuckty faces sentencing Feb. 2 in the case. He pleaded guilty to wire fraud.

The former Indianapolis residents were indicted in July on charges that from 2003 to 2005 they bought many of the homes for $120,000. Those were later seized by lenders and resold at sheriff's sales for $3,500 to $26,000.
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