LAREDO, Tex. (KGNS) – The salesman, 38-year-old Edmundo De La Torre, has been ordered to serve 36 months in federal prison.
De La Torre pleaded guilty on April 19th for his role in a mortgage fraud scheme where he reportedly altered “hundreds of documents to get otherwise unqualified buyers’ approval for government-backed mortgages”, according to the Department of Justice.
As a salesman for a Laredo area homebuilder, De La Torre used his position to get Department of Housing and Urban Development (HUD)-backed mortgages for at least 38 clients.
The Department of Justice says these homebuyers were unqualified, and the scheme cost the department nearly $1,000,000.
De La Torre was also ordered to pay restitution in the amount of $1.17 million in addition to his prison sentence.
He remains on bond and will voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.
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