Agent sentenced to 14 Years for mortgage fraud | Spero News


Joseph Sterling Jetton, 61, of Woodstock, Ga., was sentenced today to 14 years in federal prison to be followed by five years of supervised release and ordered to pay $11,194,300 in restitution on charges of conspiracy, bank fraud, wire fraud and money laundering related to a multi-million dollar mortgage fraud scheme. Jetton was convicted by a jury on Nov. 26, 2007, after a three week trial, and was sentenced today by U.S. District Judge Beverly B. Martin.

According to U.S. Attorney David E. Nahmias and the information presented in court, Jetton orchestrated a mortgage fraud scheme that involved millions of dollars in fraudulently inflated mortgage loans being provided to unqualified straw borrowers from late 2004 through early 2006. The straw borrowers were paid through shell companies as much as $600,000 per property from the fraudulently obtained loan proceeds. Jetton wrote sales contracts that failed to disclose that the sales prices of the residences had been inflated and that hundreds of thousands of dollars out of the loan proceeds were going to the buyers and others. Jetton personally derived more than a $1 million in commissions from the mortgage fraud scheme.

__________________
"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell

Wow--I'm glad they caught the guy who did it !

__________________
"Some men eventually stumble over the truth but they usually pick themselves up and walk on as if nothing ever happened."
-Winston Churchill

"But though there is no difference in this respect between the best demagogue and the worst, both of them having to present their cases equally in terms of melodrama, there is all the difference in the world between the statesman who is humbugging the people into allowing him to do the will of God, in whatever disguise it may come to him, and one who is humbugging them into furthering his personal ambition and the commercial interests of the plutocrats who own the newspapers and support him on reciprocal terms."
-George Bernard Shaw

The face of this is the greed and deception that ran rampant in the market without resonable restraints.


This is the type of people who rise to the top in a market where the rules are tossed out the window and the market is allowed to police itself.

The republicans have pushed and pushed for deregulation for decades now and what do we have to show for it?

Savings and loan mess of the 80s, Enron, phoney electric blackouts,sub prime and forclosures.

__________________
"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell

ahh cause I was a bit suspicious. I was pretty sure it was all the Republicans fault

__________________
"Some men eventually stumble over the truth but they usually pick themselves up and walk on as if nothing ever happened."
-Winston Churchill

"But though there is no difference in this respect between the best demagogue and the worst, both of them having to present their cases equally in terms of melodrama, there is all the difference in the world between the statesman who is humbugging the people into allowing him to do the will of God, in whatever disguise it may come to him, and one who is humbugging them into furthering his personal ambition and the commercial interests of the plutocrats who own the newspapers and support him on reciprocal terms."
-George Bernard Shaw

Good.

Now if they have the wisdom to wring out the bad business practices where weren't illegal, but which lead to this disasterous outcome, anyway, we're back in business.

The problem is that your team had all the control they needed to press through ANYTHING they wanted to do.

It is 90% their fault.

__________________
"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell

90%! that's an outrage! we want it all. 100% or no deal.

__________________
"Now don't touch the knobs now, we're going to have some fun around here"-peter wolf

Wait using your logic, since the dems control congress then the last 2 years have all been the dems fault. Thanks for admitting the problem is theirs.

__________________
The fact that an opinion has been widely held is no evidence whatever that it is not utterly absurd. Indeed in view of the silliness of the majority of mankind, a widespread belief is more likely to be foolish than sensible.

-Bertrand Russell

Facts are stubborn things, but statistics are more pliable

-Laurence J. Peters

I never said that you had no right to have an opinion. I just said that it was, in fact, worth nothing.

-Maineman ( on 12 June 2007)