Chris Malcom, Tampa, Florida, was sentenced by United States District Judge Susan C. Bucklew to 51 months in federal prison, 5 years supervised release and restitution in the amount of $6,886,645 for his role in a $6.9 million-mortgage fraud scheme.
On November 2, 2010, Malcom was charged via criminal information with one count of conspiracy to commit wire fraud; he pleaded guilty to the charge the same day.
According to Malcom‘s plea agreement, which was entered on November 2, 2010, Malcom conspired with others to locate straw buyers and suitable properties from which equity could be stripped. The conspirators also found ways to create artificial equity by inflating purchase prices and then diverting the equity to themselves usually through payoffs on the HUD-1.
Malcom must surrender to serve his prison sentence on or after January 15, 2012.