Henry Broussard, St. Louis, Missouri, was sentenced to 15 months in prison according to media reports. As previously reported by Mortgage Fraud Blog, Broussard pled guilty to mail fraud charges in connection with a mortgage fraud scheme. Broussard admitted to fraudulently obtaining a loan of approximately $60,000 from Wells Fargo Home Mortgage. In all, Broussard admitted his fraudulent activities involved in excess of $120,000 of actual and intended losses.
Specifically, Broussard admitted to using phony gift letters to convince mortgage lenders that buyers were financially suitable to purchase properties owned by Broussard, when in fact he had provided the funds to satisfy down payment requirements of various lenders. Broussard pleaded guilty to mail fraud in connection with a mortgage fraud scheme before U.S. District Court Judge Henry E. Autrey.