Dino Sisneros, Tuscon, Arizona, has been sentenced to 5 years in prison for his role in a mortgage fraud conspiracy to obtain loans totaling almost $13.5 million between 2003 and 2007.
As previously reported by Mortgage Fraud Blog, and as alleged in the indictment, the defendant, along with Melissa Sisneros, 40; Michael Quiroz, 49; Chad Ayers, 37; Catherine Tarin, 41; Theresa Coyne, 47; and Timothy Coyne, 49, all residents of Tucson, Arizona, knowingly submitted or knowingly caused to be submitted materially false loan applications or other false documents to banks and lending institutions relating to the purchase, refinance, or home equity financing of 18 residential properties. After the fraudulently obtained loan proceeds were received from the lenders, portions of the loan proceeds were diverted into bank accounts under the control of some of the co-conspirators.
Sisneros was sentenced on October 11, 2013.
The total cash back received by the co-conspirators relating to these transactions was approximately $2.9 million. Most of the properties went into foreclosure.
The investigation preceding the indictment in U.S. v. Sisneros et al. was conducted by the Internal Revenue Service – Criminal Investigations. The prosecution is being handled by Jonathan B. Granoff, Assistant U.S. Attorney, District of Arizona, Tucson.